PMC-Sierra Confirms Receipt of Unsolicited Proposal from Microsemi
PMC-Sierra, Inc. (NASDAQ: PMCS) announced Friday, that it received an unsolicited proposal
from Microsemi Corporation (NASDAQ: MSCC) to acquire all of the
outstanding shares of PMC common stock, in a cash and stock transaction.
Under the terms of Microsemi's proposal, PMC stockholders would receive
$9.04 in cash and 0.0771 of a share of Microsemi common stock for each
share of PMC common stock held at the close of the transaction. Based on
the closing stock price of Microsemi common stock on Oct. 29, 2015, the
Microsemi proposal was valued at $11.88 per share of PMC common stock.
PMC had previously announced (on October 30,