Golden Gate Secures Conexant Deal

Golden Gate Capital has entered into a definitive agreement to take Conexant Systems (NASDAQ: CNXT) private for $2.40 in cash per share of common stock, putting the total deal value at a reported $196 million. Early last month, Conexant entered into a definitive agreement to be acquired by Standard Microsystems (NASDAQ: SMSC), but Standard Microsystems declined to increase its offer for the company above $2.25 per share in response to Golden Gate's proposal. Consequently, the previous agreement was terminated. Conexant provides semiconductor solutions.