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SMSC Issues Statement in Response to Announcement by

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eastunder Member Level  Monday, 02/07/11 09:34:24 PM
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SMSC Issues Statement in Response to Announcement by Conexant of Receipt of Unsolicited Proposal from Golden Gate Private Equity, Inc.
HAUPPAUGE, N.Y., Feb 07, 2011 (BUSINESS WIRE) -- SMSC (NASDAQ: SMSC) today issued the following statement:

"We continue to believe that the combination of Conexant and SMSC provides for a highly complementary merger of talent and technology that is in the interests of Conexant stockholders, customers and employees," said Christine King, President & Chief Executive Officer. "We believe that SMSC and Conexant together have the opportunity to take advantage of economies of scale and drive profitable growth, and that our proposal would provide Conexant stockholders with the opportunity to participate in the future success of the combined company."

At this time, the merger agreement between SMSC and Conexant remains in effect. Under the terms of the merger agreement, SMSC will have an opportunity to propose changes to the agreement in the event that Conexant determines that another proposal is superior to the SMSC transaction.

About SMSC

SMSC is a leading developer of Smart Mixed-Signal Connectivity(TM) solutions. SMSC employs a unique systems level approach that incorporates a broad set of technologies and intellectual property to deliver differentiating products to its customers. The company is focused on delivering connectivity solutions that enable the proliferation of data in personal computers, automobiles, portable consumer devices and other applications. SMSC's feature-rich products drive a number of industry standards and include USB, MOST(R) automotive networking, embedded system control and analog solutions, including thermal management and RightTouch(TM) capacitive sensing. SMSC is headquartered in New York and has offices and research facilities in North America, Asia, Europe and India. Additional information is available at www.smsc.com.

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