Conexant spins off Mindspeed more quickly Newport...

Conexant spins off Mindspeed more quickly

Newport Beach chipmaker Conexant Systems Inc. announced Tuesday

that it has sped up its spinoff of Internet infrastructure business

Mindspeed Technologies.

Conexant pinpointed June 27 as the date it would complete the

spinoff, putting a firm date to the move. It had previously announced

the spinoff would occur sometime during the summer.

After the move, the two companies will exist as separate, publicly

traded entities. Conexant shareholders are set to receive one

additional Mindspeed share for each three shares of Conexant.

The company has applied to the American Stock Exchange to list the

new company under the symbol MND. Shares are expected to begin

trading June 30. Conexant will continue to trade on Nasdaq under

CNXT.

At the time of the spinoff, Mindspeed will receive $100 million in

cash from its parent, with another $50 million available in

contingency financing.

On Friday, shares of CNXT jumped 6.17%, or 20 cents, finishing out

the week at $3.44.