Standard Microsystems Corp, Hauppauge, New York, can breathe a little easier: it has paid SMC Acquisition Corp $1m to cover its litigation and the latter has agreed to abandon its $9 a share tender offer for the chipmaking company, leaving the shares down at $6 even; Standard will now try to find a buyer for SMC’s holding of just over 16%.
SMC ACQUISITION ABANDONS TENDER OFFER FOR STANDARD MICROSYSTEMS
