SMSC (SMSC) Shareholders Approve Merger with Microchip Technology (MCHP)

July 10, 2012 4:11 PM EDT
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SMSC (NASDAQ: SMSC) announced that its stockholders have voted to approve the acquisition of SMSC by Microchip Technology Incorporated (NASDAQ: MCHP).

Under terms of the acquisition agreement, dated May 1, 2012, Microchip will acquire SMSC in an all-cash transaction and SMSC stockholders will receive $37.00 per share in cash for each share of common stock they hold. As a result of the acquisition, SMSC will become a wholly owned subsidiary of Microchip and SMSC common stock will cease to be listed on the NASDAQ Global Select Market.

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