Microsemi: PMC-Sierra Accepts New Bid

Aliso Viejo-based Microsemi reports this morning that the board of directors of PMC-Sierra has acknowledged the company's cash and stock offer for PMC is a "superior proposal", and is now looking at Skyworks Solution for a counter offer. Microsemi has offered up $9.04 in cash and 0.0771 of its common stock for eah share of PMC. Skyworks prior offer was $10.50 per share, all in cash for PMC. Skyworks has three days to respond to PMC-Sierra, according to Microsemi. Microsemi is a developer of analog and mixed signal semiconductors.