Conexant Announces Acquisition Proposal from Golden Gate Private for $2.35 to $2.45 per Share

Conexant Systems, Inc. CNXT today announced that on January 18, 2011 it received an unsolicited, written proposal from a private equity firm, Golden Gate Private Equity, Inc., to acquire all of the outstanding shares of Conexant common stock at a price in the range of $2.35 to $2.45 per share in cash, subject to certain terms and conditions, including completion of due diligence. As previously announced, Conexant entered into a definitive merger agreement on January 9, 2011 with Standard Microsystems Corporation and a wholly owned subsidiary of SMSC, pursuant to which Conexant stockholders would receive for each share of Conexant common stock $1.125 in cash and a fraction of a share of SMSC common stock equal to $1.125 divided by the volume weighted average price of SMSC common stock for the 20 trading days ending on the second trading day prior to closing, but in no event more than 0.04264 nor less than 0.03489 shares of SMSC common stock.