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PMC-Sierra, Inc.
PMCS announced Sunday, that PMC's board of directors unanimously
determined, after receiving the advice of its financial advisors and
outside legal counsel, that the latest proposal received from Microsemi
Corporation
MSCC to acquire all of the outstanding shares of
PMC common stock is not superior to PMC's existing agreement with
Skyworks Solutions, Inc.
SWKS for the reasons set forth below.
The Board believes that the mixed stock/cash consideration proposed by
Microsemi does not provide superior value compared to the all cash
$11.60 transaction with Skyworks.
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