Conexant Systems continues to negotiate with Golden Gate Capital, which proposes to buy the company.
Conexant said it received a revised written proposal from an affiliate of Golden Gate Capital to acquire all of the outstanding shares of Conexant common stock at a price of $2.40 per share in cash.
Conexant came into play last month when it entered a merger agreement with Standard Microsystems Corp. (SMSC) for a cash-and-stock deal.
Conexant’s latest announcement is that its board has determined that Golden Gate Capital’s offer is the better of the two, and that it notified SMSC that it had made that determination.
The fate of Conexant thus remains up in the air until SMSC decides whether or not to sweeten its bid.