19 Oct '15, 3pm

EE Times Microsemi Bids $2.2 Billion for PMC-Sierra Microsemi Corp. (Aliso Viejo, Calif.) has offered $11.50 per s…

LONDON—Microsemi Corp. (Aliso Viejo, Calif.) has offered $11.50 per share to shareholders of PMC-Sierra Corp. as a mixture of stock and cash and trumping an offer from Skyworks Solutions made earlier this month. It compares with a cash offer of $10.50 per share made by Skyworks on October 7. The Microsemi offer values PMC-Sierra, a developer and vendor of mixed-signal ICs for networking and storage applications, at $2.4 billion and will cost $2.2 billion net of cash assets held by PMC-Sierra. The breakdown of the offer is $8.75 in cash plus $2.75 in stock. "Based on extensive discussions with PMC over the past 18 months and comprehensive analysis, we believe this transaction offers compelling strategic and financial benefits for the shareholders of both Microsemi and PMC," said James J. Peterson, Microsemi's chairman and CEO. Microsemi said it anticipates achieving more th...

Full article: http://www.eetimes.com/document.asp?doc_id=1328052&_mc=RS...

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