Microsemi Corporation Announces Revised Proposal to Acquire PMC-Sierra, Inc. for $11.88 Per Share in Cash and Stock

Microsemi Corporation MSCC, a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today announced that it has increased its proposal to acquire PMC-Sierra, Inc PMCS in a cash and stock transaction. Under the terms of Microsemi's proposal, PMC shareholders will receive $9.04 in cash and 0.0771x of a Microsemi common share for each PMC common share held at the close of the transaction. The implied enterprise value is $2.3 billion, net of PMC's net cash balance as of Sept. 27, 2015. Based on the closing stock price of Microsemi on Oct. 29, 2015, the transaction is valued at $11.88 per PMC share. "Our revised proposal offers superior value to PMC's shareholders, and Microsemi is uniquely positioned to realize significant synergies," said James J. Peterson, Microsemi's chairman and CEO. "Our offer is more strategic, offers more certainty in terms of closing approval process and timing, and at a higher price than the Skyworks proposal. Shareholders receive cash now as well as the opportunity to participate in the significant upside potential of a global analog and mixed-signal leader with a highly diversified platform for growth and profitability." The transaction is See full press release