Monday, November 16, 2015

PMC-Sierra: Skyworks Deal Better In Light Of Geopolitical Events

Sunnyvale-based PMC-Sierra said Monday morning that, under advice of its financial advisors and outside legal counsel, it is reiterating its commitment to the original offer by Skyworks Solutions to acquire the company, in a deal worth $11.60 in cash per share. PMC-Sierra said the move came both due to recent stock market volatility exacerbated by recent geopolitical events. Microsemi had put forward a competing offer of $9.04 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock. PMC-Sierra said it believes there is "more value certainty" to going with Skyworks' offer.