Business & Tech

SMSC Passes On Higher Conexant Offer, Big Apple Offers New Products, and People's United Names Chief Financial Officer

Bringing you the latest business news from Hauppauge's industrial park and commerical businesses.

SMSC will not offer a higher price to purchase Conexant

Hauppauged-based connectivity solutions provider announced Wednesday it does not plan to increase its offer to purchase Conexant Systems. 

"While we believed that SMSC's acquisition of Conexant would have provided for a highly complementary combination of our businesses, we have elected not to pursue the merger at a higher premium as we believe that our offer for the Conexant business was fully valued,” said Christine King, president and chief executive officer of SMSC, in a press statement.

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After SMSC made an offer to purchase Conexant earlier this year, a deal that came under jeopardy when Golden Gate Capital submitted an unsolicited "superior proposal" to purchase the company. Under the earlier merger agreement, SMSC has waived the "match period," time in which they had to match Gold Gate Capital's offer.

Walter replaces Paul Burner, who recently left the company. 

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If Conexant agrees to accept the offer from Golden Gate Capital, they will owe SMSC $7.7 million settlement under the earlier offer.

 

Big Apple Pet Supply launches new products  

In effort to create more nature lover and more a step towards the more natural, Big Apple Pet Supply has launched an array of new products this week. 

On Thursday, announced it was offering its organic dog biscuits from Robbie Dawg, Wagathas and Wet Noses in new bulk sizes to pet owners. The new bags will come in 2 pound and 5 pound size bags in flavors such as Turkey Sausage and Romano Cheese, Real Brooklyn Pizza, Roasted Chicken and Vegetable, and Peanut Butter, Super Berry, Cranberry Cheddar, Pumpkin and Apples & Carrots, and more. 

This was followed by Big Apple's announcement on Friday that it hopes to inspire a generation of nature lovers by offering ant farms and insect kits for parents to purchase for their children, in addition to the pet supply lines they already carry. 

The World Alive Butterfly Kit, World Alive Praying Mantis Kit, and World Alive Worm Observatory come with habitat enclosures that allow children to see these insect go through the life cycle. Each kit comes with the enclosure, feeding pipettes, magnifying lens, an instruction booklet and coupon for the insects. 

 

People's United Financial announces new Chief Financial Officer

People's United Financial, who operates People's United Banks, announced a new chief financial officer recently after fully acquiring Bank of Smithtown branches. 

Kirk Walters was appointed senior executive vice president and Chief Financial Officer on Wednesday, and expected to begin his duties shortly as well as be appointed to the Board of Directors of People's United Bank. 

"Kirk brings extraordinary competencies and a wealth of experience built over a finance career that spans more than 30 years,” said Jack Barnes, president and chief executive officer of People’s United, in a press statement. “He has worked for 25 years in the banking sector, 22 of which were spent in the Northeast markets where People’s United currently operates and intends to expand." 


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