Conexant Systems Inc (CNXT.O), which received a buy-out offer from Standard Microsystems Corp (SMSC.O) last month, said it has received a rival bid from a private equity firm and that its board is considering the proposal. Shares of the company rose 15 percent after the bell and were trading at $2.39 on Monday. Conexant said Golden Gate Private Equity Inc's cash offer of $2.35-$2.45 per share "could reasonably be expected to result in or lead to a superior proposal."
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