Tuesday, February 22, 2011
Conexant Gets New Bid From Golden Gate Capital
Newport Beach-based Conexant Systems said this morning that it received a new offer from Golden Gate Capital. According to Conexant, Golden Gate Capital has offered to pay $2.40 per share in cash for the firm, a superior proposal to an earlier offer from Standard Microsystems. SMSC had offered to pay $1.125 in cash and $1.125 in stock for Conexant in January. Golden Gate had told Conexant it would be making a competing offer for the company earlier this month. Conexant is a maker of semiconductors and high speed networking chips.