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Standard Microsystems shareholders OK sale

SMSC, once known as Standard Microsystems Corp., in

SMSC, once known as Standard Microsystems Corp., in Hauppauge. (July 26, 2011) Credit: Danielle Finkelstein

The acquisition of Hauppauge-based Standard Microsystems (SMSC) by Microchip Technology was approved by SMSC shareholders, the company announced Tuesday.

Shareholders that voted on the acquisition were largely in favor of the sale -- 99.5 percent of votes approved the move. Around 76 percent of eligible SMSC shareholders voted, according to a statement from the company.

In May, SMSC, a company that specializes in semiconductors, agreed to be purchased by Microchip Technology for $939 million in one of the largest sales of a Long Island company in recent years.

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