Summary
Microchip Technology Incorporated (MCHP) announced the completion of its acquisition of Standard Microsystems Corporation (SMSC) on August 2, 2012. The transaction was executed through a merger where SMSC became a wholly owned subsidiary of Microchip. Each outstanding share of SMSC common stock was converted into $37.00 in cash, excluding any dissenting shares or shares held by Microchip and its subsidiaries. This strategic acquisition was financed through a combination of Microchip's existing cash reserves and borrowings under its credit facility. The filing also notes that detailed financial statements of the acquired business (SMSC) and pro forma financial information will be provided in a subsequent amendment to this Form 8-K, expected within 71 days. Investors should look forward to these future filings for a comprehensive understanding of the financial impact of this significant acquisition on Microchip's balance sheet and earnings.
Key Highlights
- 1Microchip Technology Inc. has successfully completed the acquisition of Standard Microsystems Corporation (SMSC).
- 2The acquisition was structured as a merger, with SMSC becoming a wholly owned subsidiary of Microchip.
- 3SMSC shareholders received $37.00 in cash for each share of common stock.
- 4The transaction was financed using a mix of Microchip's cash, cash equivalents, short-term investments, and credit facility borrowings.
- 5A joint press release announcing the completion of the merger was issued on August 2, 2012.
- 6Financial statements of the acquired business and pro forma financial information will be filed in an amendment to this report.
- 7The merger was completed pursuant to the terms of the Agreement and Plan of Merger dated May 1, 2012.