An investigation on behalf of investors in NASDAQ:SMSC shares was announced concerning whether the offer by Microchip Technology Incorporated to acquire Standard Microsystems Corporation at $37.00 per share and the takeover process are unfair to investors in Standard Microsystems.
Investors who purchased shares of Standard Microsystems Corporation (NASDAQ:SMSC) prior to May 2, 2012 and currently hold any of those NASDAQ:SMSC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
On Wednesday, May 2, 2012, Microchip Technology Incorporated (NASDAQ: MCHP) and Standard Microsystems Corporation (NASDAQ: SMSC) announced that Microchip Technology Incorporated has signed an agreement to acquire Standard Microsystems Corporation for $37.00 per share in cash, which represents a total equity value of about $939 million, and a total enterprise value of about $766 million, after excluding Standard Microsystems’ cash and investments on its balance sheet of approximately $173 million.
However, the Company has seen substantial recent growth. For instance, its share price has skyrocketed from $18.43 on October 3, 2011 to $27.05 on April 27, 2012.
Therefore the investigation by a law firm concerns whether certain officers and directors of Standard Microsystems Corporation breached their fiduciary duties owed to NASDAQ:SMSC investors in connection with the proposed acquisition. Specifically, the investigation focuses on whether the Standard Microsystems Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Standard Microsystems Corporation (NASDAQ:SMSC) and purchased their Standard Microsystems Corporation (NASDAQ:SMSC shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego