Conexant Systems has accepted private equity firm Golden Gate Capital’s $196 million buyout offer, The Wall Street Journal reports. Conexant has cancelled its earlier deal with Standard Microsystems and has paid the $7.7 million breakup fee included in the deal.
Standard Micro had refused to increase its $2.25 per share bid, which was outbid by Golden Gate’s revised offer of $2.40 a share. The new transaction is expected to be completed by the second quarter of 2011.
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