PMC-Sierra Receives Proposal From Microsemi; Intends To Enter Into Discussions

(RTTNews) - PMC-Sierra, Inc. (PMCS) announced it has received an unsolicited proposal from Microsemi Corp. (MSCC) to acquire all of the outstanding shares of PMC common stock in a cash and stock transaction. Under the proposal, PMC stockholders would receive $8.75 in cash and 0.0736 of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction. The Microsemi proposal was valued at $11.35 per share of PMC common stock.

PMC's board believes, after consultation with its financial advisors and outside legal counsel, that the Microsemi proposal would reasonably be expected to lead to a Superior Proposal. It has determined to engage in discussions with Microsemi. However, PMC's board noted that it is not modifying or withdrawing the recommendation with respect to the Skyworks merger agreement.