Monday, October 19, 2015

Microsemi Lobs In Competing Bid For PMC-Sierra, Worth $2.4 Billion

Sunnyvale-based PMC-Sierra, which announced a deal on October 5th to be acquired by Skyworks, has received a competing acquisition offer from another, semiconductor developer, Microsemi. According to Microsemi, it is offering to pay $11.50 per share in a combination of cash and stock for PMC-Sierra, which it says is a superior offer to the current, $10.50 per share in cash offer for PMC-Sierra from Skyworks. Microsemi says it will pay $8.75 in cash and 0.0736 of a share of Microsemi common stock for each share of PMC common stock in its offer. All of the companies involved develops optical and network switching semiconductors.