Microsemi ups its bid to win PMC-Sierra

November 24, 2015 // By Peter Clarke
Microsemi Corp. (Aliso Viejo, Calif.) has entered into an agreement to acquire PMC-Sierra Inc. (Sunnyvale, Calif.), a maker of chips for optical storage and communications.

Previous bidder Skyworks Solutions Inc. (Woburn, Mass.) has announced that its agreement to acquire PMC-Sierra has been terminated and that it is entitled to an $88.5 million termination fee from PMC.

Mixed-signal chip company Microsemi said it will acquire PMC for approximately $2.5 billion in a deal that is a mix of cash and shares.

"We are pleased PMC has accepted our compelling strategic offer, which clearly benefits shareholders of both Microsemi and PMC. We can now shift our focus to realizing the significant synergies identified during our comprehensive analysis," said James Peterson , Microsemi's chairman and CEO, in a statement. 

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