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Conexant Accepts $196M Golden Gate Bid

Conexant Systems has accepted private equity firm Golden Gate Capital’s $196 million buyout offer.

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.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.

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