Conexant Goes To Golden Gate Capital

Newport Beach-based Conexant Systems said Wednesday afternoon that it has agreed to be acquired by private equity firm Golden Gate Capital, and has terminated its earlier merger agreement with Standard Microsystems. The move came after SMSC said it would not up its offer for Conexant, after Golden Gate said it would pay $2.40 per share in cash for Conexant's common stock. Conexant said it paid $7.7M in a termination fee to SMSC as part of the agreement. SMSC had said it would acquire Conexant in January.