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Standard Microsystems Corporation (NASDAQ:SMSC) Investor files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties In Takeover By Microchip Technology Incorporated

  • If you purchased shares of Standard Microsystems Corporation (NASDAQ:SMSC) prior to May 2, 2012 and currently hold any of those NASDAQ:SMSC shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Standard Microsystems Corporation
Security
NASDAQ: SMSC

Case Name
Standard Microsystems Deal Case 05/15/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

May 17, 2012 (Shareholders Foundation) -- 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.
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.