PMC-Sierra Acquired By Microsemi For $2.5 Billion
Sunnyvale-based PMC-Sierra and Microsemi said this morning that the two have reached an agreement, where Microsemi will pay approximately $2.5 billion to acquire PMC Sierra, in a deal worth $9.22 in cash and 0.0771 shares of Microsemi's common stock for every share of PMC Sierra. The agreement was reached after competing bidder Skyworks opted to cancel its all cash offer for PMC-Sierra. The deal came after a short bidding war between Microsemi and Skyworks, which had originally announced its deal to acquire PMC-Sierra back on October 6th.
posted on Tuesday, November 24, 2015
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