HAUPPAUGE, N.Y. (AP) -- Wireless technology company Standard Microsystems Corp. said Tuesday that its shareholders approved the sale of the company to chipmaker Microchip Technology Inc.
Standard Microsystems said 17.6 million shares were voted in favor of Microchip Technology's offer at a shareholder meeting. That was 76.3 percent of the company's total stock, and 99.5 percent of all shares that were voted at the meeting.
Microchip Technology agreed to buy Standard Microsystems in May for $37 per share, valuing the company at about $828.8 million. Microchip Technology said the deal is worth about $939 million in total. The offer represents a premium of 41 percent to the closing price of Standard Microsystems shares on May 1.
Shares of Standard Microsystems lost a penny to close at $36.81 on Tuesday, and Microchip Technology shares fell 35 cents to close at $31.42.
