Skyworks Announces Increased Consideration Of $11.60/shr For PMC-Sierra

(RTTNews) - Skyworks Solutions, Inc. (SWKS) and PMC-Sierra, Inc. (PMCS) announced they have entered into an amended and restated merger agreement under which Skyworks has agreed to acquire PMC for $11.60 in cash per share of PMC common stock, an increase from its previous agreement to acquire PMC for $10.50 in cash per share of PMC common stock.

PMC's board has determined that as a result of the amended and restated merger agreement with Skyworks, Microsemi's proposal is not superior and recommends the amended and restated merger agreement with Skyworks to PMC stockholders.

The amended and restated merger agreement also provides for an increase in the termination fee from $70.0 million to $88.5 million. All other material terms of the merger agreement previously announced on October 5, 2015, remain substantially the same.