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Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Conexant Systems, Inc., in Connection with

^{Published on 2011-01-10 16:26:01 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Conexant Systems, Inc. (aConexanta or the aCompanya) (NASDAQ:CNXT) related to the Companya™s agreement to be acquired by Standard Microsystems Corporation (aSMSCa). The proposed cash-and-stock transaction is valued at approximately $284 million, including assumed debt.

Under the terms of the partiesa™ merger agreement, for each share they own of the Companya™s stock Conexant stockholders will receive a combination of $1.125 in cash and a fractional share of SMSC common stock valued at $1.125. The proposed transaction has been approved by Conexanta™s board of directors. Following completion of the transaction, Conexant will operate as a wholly owned subsidiary of SMSC. The transaction is expected to close in the first half of 2011. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Conexanta™s board of directors.

If you are a shareholder of Conexant, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].