Microsemi Says Its Revised Offer For PMC-Sierra Is 'Superior'

(RTTNews) - Microsemi Corp. (MSCC) Thursday said its revised proposal to acquire PMC-Sierra, Inc. (PMCS). Semiconductor solutions provider said the new cash and stock transaction constitutes a "Superior Proposal" under the terms of PMC's merger agreement with Skyworks Solutions, Inc. (SWKS).

As per the new offer, PMC shareholders will receive $9.22 in cash and 0.0771x of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction. PMC-Sierra board has given a notice to Skyworks of its intent to approve or recommend the Microsemi proposal. If Skyworks does not make a written, complete proposal within three business days, PMC will be entitled to terminate the merger agreement.

Earlier in the first week of November, PMC has rejected Microsemi's $9.04 in cash and 0.0771 of a share of Microsemi common stock, representing a value of $11.82 per share of PMC common stock and it has considered Skyworks' offer superior.