Golden Gate Capital gets Conexant Systems, and Standard Microsystems Corp. (SMSC) gets a consolation prize.
SMSC had a deal to buy Conexant, but Golden Gate trumped it with a better offer that SMSC declined to beat. SMSC will get a $7.7 million termination fee.
Golden Gate Capital will purchase all of the outstanding shares of Conexant common stock at a price of $2.40 per share in cash.
The transaction is expected to close in the second quarter of calendar 2011, and it will be subject to the customary closing conditions.