Microsemi boosts its buyout offer for PMC-Sierra

AP News
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Posted: Nov 18, 2015 9:58 AM

NEW YORK (AP) — Microsemi, a maker of semiconductors, boosted its buyout offer for chipmaker PMC-Sierra again, two days after PMC-Sierra said it preferred a deal with rival Skyworks.

Microsemi Corp. said Wednesday that it is now offering a mix of cash and stock valued at about $12.05 for each share of PMC-Sierra, up from the $11.88 per share in cash and stock it offered late last month. It's the second time Microsemi has boosted its offer.

The latest offer from Microsemi, based in Aliso Viejo, California, is worth about $2.4 billion.

On Monday, PMC-Sierra said an offer from Skyworks of $11.60 per share was a better deal because it would be paid in all cash.

Representatives for Sunnyvale, California-based PMC-Sierra Inc. and Woburn, Massachusetts-based Skyworks Solutions Inc. did not immediately respond to a request for comment Wednesday morning.

Shares of PMC-Sierra rose 16 cents, or 1.4 percent, to $11.81 in morning trading Wednesday. Microsemi shares slipped 28 cents to $36.47 and Skyworks shares rose 73 cents to $77.88.