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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