Conexant Systems Going Private (CNXT)

Conexant Systems, Inc.

is up 16% in pre-market trading, after the company has agreed to be taken out by Standard Microsystems Corp. NASDAQ: SMSC) in a deal valued at $284 million, including the assumption of Conexant's debt. Conexant shareholders will receive the equivalent of $2.25 a share, with half being in cash, the other half in SMSC stock. The price is 19% premium to Friday's closing price of $1.89. At last check, shares of CNXT are up 29 cents to $2.18, a gain of 15.3%.