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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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November 17, 2015
10:47 EDTMCHPMicrochip management to meet with Jefferies
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