Microsemi hikes offer for PMC-Sierra, which prefers Skyworks' bid

Reuters News
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Posted: Nov 18, 2015 7:20 AM

(Reuters) - Chipmaker Microsemi Corp <MSCC.O> on Wednesday raised its offer to buy PMC-Sierra Inc <PMCS.O> again, two days after PMC-Sierra said it deemed Skyworks Solutions Inc's <SWKS.O> proposal superior to Microsemi's previous bid.

Microsemi's new offer values PMC-Sierra at $12.05 per share – $9.22 in cash and 0.0771 in stock – and has an implied enterprise value of $2.3 billion, net of PMC's cash balance, the company said.

Microsemi had on Oct. 30 hiked its offer to buy PMC-Sierra, topping a bid from Skyworks, as the bidding war to buy the chip-equipment maker escalated.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Savio D'Souza)