Standard Microsystems Corp. (SMSC) announced Wednesday morning that it agreed to be acquired by Microchip Technology (MCHP) for $37.00 per share in cash. The transaction is valued at approximately $939 million and is expected to close in the third quarter.
Standard Microsystems gapped open dramatically higher Wednesday, but traded in a narrow range throughout the session. The stock finished up by 10.19 at $36.43 on the highest volume of the year and leaped to a new high for the year.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.