The newly-formed New York-based SMC Acquisition Corp, created to acquire Standard Microsystems Corp in Hauppauge, New York, has begun its planned cash tender offer for all the shares of the chipmaker, at $9 net per share. SMC Acquisition is controlled by C B Equities Corp, HSG Equities Limited Partnership; and Oxford Capital Management, also a limited partnership, which with their respective affiliates hold approximately 16.8% of the 11.2m Standard Microsystems shares outstanding. The offer is conditional on the group winning a simple majority of the shares out; the group getting sufficient finance to enable it to buy all the shares tendered; and Standard’s poison pill preference share rights being redeemed or rendered ineffective.
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