A lawsuit was filed by an investor in NASDAQ:SMSC shares in effort to block the proposed takeover of Standard Microsystems Corporation by Microchip Technology Incorporated and NASDAQ:SMSC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/16/2012 -- An investor in NASDAQ:SMSC shares filed a lawsuit in State Court against directors of Standard Microsystems Corporation in effort to stop the proposed acquisition of Standard Microsystems Corporation by Microchip Technology Incorporated at $37.00 per NASDAQ:SMSC share.
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 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, plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SMSC stockholders arising out of the attempt to sell Standard Microsystems Corporation too cheaply via an unfair process that is the product of a flawed process and deprives investors of the ability to participate in the company’s long-term prospects. The plaintiff says that the $37offer is unfair to NASDAQ:SMSC investors and undervalues the company.
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
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