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PMC sticks with all-cash bid from Skyworks

2015-11-16 15:19:00| Telecompaper Headlines

(Telecompaper) Chipmaker Microsemi gave PMC-Sierra three working days to decide whether its reiterated offer was better than a rival bid from Skyworks and now has its answer. PMC's board has unanimously determined, after receiving the advice of financial advisors and legal counsel, that the Microsemi proposal of 9 November is not superior to its existing agreement with Skyworks in light of stock market volatility exacerbated by recent geopolitical events. The board said Skyworks' all-cash proposal provides more value certainty to PMC stockholders than the stock-and-cash offer from Microsemi. Under the agreement, Skyworks will buy 100 percent of PMC for USD 11.60 per share. The PMC board continues to recommended Skyworks' restated merger agreement and recommends against the Microsemi proposal.

Tags: bid sticks pmc skyworks

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