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June 26, 2012
09:27 EDTMCHP, SMSCStandard Microsystems, Microchip Tech to settle class-action suits
On June 22, Standard Microsystems (SMSC) and Microchip Technology (MCHP) received notice of clearance from the Korea Fair Trade Commission, the relevant antitrust authority in Korea with respect to the transaction proposed in the Agreement and Plan of Merger, dated as of May 1, among Microchip, a Delaware corporation, Microchip Technology Management Co., a Delaware corporation and a wholly-owned subsidiary of Microchip, and the Company, pursuant to which Merger Sub will merge with and into SMSC, with SMSC surviving as a wholly-owned subsidiary of Microchip. The parties previously received antitrust clearance in the United States on May 18 and in Germany on June 12. The parties await the receipt of additional antitrust clearances in China and Turkey. On June 25, the Company and Microchip entered into a memorandum of understanding with the plaintiffs in certain class action lawsuits filed on behalf of SMSCís stockholders regarding the settlement of those class action lawsuits that were filed following the announcement of the Merger Agreement. The settlement provides that the Defendants deny that they engaged in any wrongdoing, committed any violation of law or acted improperly in any way, and believe that they acted properly at all times and that the Litigation has no merit, but wish to settle the Litigation in order to eliminate the distraction of further litigation.
News For SMSC;MCHP From The Last 14 Days
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April 22, 2015
18:27 EDTMCHPSemiconductor stocks under pressure after TI, Qualcomm report financial results
Semiconductor stocks are under pressure after earnings reports from Texas Instruments (TXN) and Qualcomm (QCOM). TEXAS INSTRUMENTS: TI reported first quarter results that were lower than analyst expectations, and gave second quarter guidance below consensus estimates. In its Q1 earnings press release, Texas Instruments said its outlook for Q2 is for earnings per share between 60c-70c and revenue in the range of $3.12B-$3.38B. "Our estimates assume continuing weakness in our communications equipment and personal electronics markets, particularly for wireless infrastructure equipment and PCs, respectively. We also do not expect a near-term rebound in foreign currency exchange rates. The annual effective tax rate for 2015 is expected to be about 30%." QUALCOMM: Qualcomm reported Q2 results that were better than analyst's average estimates, but lowered its fiscal year 2015 EPS and revenue views. Qualcomm CEO Steve Mollenkopf said, "While we remain confident in the significant growth opportunities ahead, we are reducing our QCT outlook for fiscal 2015, primarily due to the increased impact of customer share shifts within the premium tier and a decline in our share at a large customer." PRICE ACTION: In after-hours trading, shares of Texas Instruments are down over 6%, while Qualcomm shares are down almost 3%. Other publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), NVIDIA (NVDA), Altera (ALTR), Xilinx (XLNX), and Maxim Integrated (MXIM).

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