Microchip clears U.S. antitrust hurdle to acquire Standard Microsystems

Microchip Technology said on Wednesday it has been given the all-clear by U.S. antitrust authorities to acquire Standard Microsystems. But it's only one hurdle out of many.

Microchip Technology said the required filings were submitted in China on May 23, in Germany on May 24, in South Korea on May 31, and in Turkey on June 4. The deal closing is entirely dependent subject to antitrust authorities in these countries.

Standard Microsystems stockholders have yet to approve the merger. A special meeting will be held on July 10. It's expected, subject to the approval, the deal will close in Q3 2012.

Microchip Technology, founded in 1987 following the General Instrument spin-off, develops microcontroller and memory semiconductors. The company is based in Arizona.

Standard Microsystems, another maker of semiconductors, landed in legal hot waters after an investor sued the company in a bid to fight the buyout, calling it a "flawed process”.

The microcontroller maker said in early May it agreed to pay $37 per share in cash --- or roughly $939 million --- for the semiconductor company to acquire its chips for computers and consumer electronics.

Microchip's stock has fallen more than 4.5 percent this year.