Conexant Stock Up 15% on News of Merger
Times Wire Services
Shares of Conexant Systems Inc. rose $8.02, or 15%, to close at $63.20 Friday, the first day of trading after the Newport Beach maker of semiconductors said it bought Britain’s Microcosm Communications Ltd.
Conexant said it is paying $128 million in stock for Microcosm to gain chips for fiber-optic gear. Separately, Conexant on Friday unveiled a series of networking chips for digital cordless telephones.
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