Microsemi Commences Exchange Offer To Acquire PMC-Sierra - Quick Facts

(RTTNews) - Microsemi Corp. (MSCC) said it has commenced an exchange offer for all of the outstanding shares of PMC-Sierra, Inc. (PMCS) through a wholly-owned subsidiary, pursuant to their previously announced merger agreement dated November 24, 2015.

Subject to the terms and conditions of the offer, PMC-Sierra stockholders who validly tender their shares in the offer will receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock.

Microsemi's offer is scheduled to expire at midnight, New York City time, on January 14, 2016, unless earlier extended or terminated.

The company noted that no approval of the stockholders of Microsemi is required in connection with the proposed transaction. The board of directors of PMC has recommended that PMC stockholders accept the offer and tender their shares to Microsemi.

In late November, Microsemi and PMC-Sierra said they have entered into a definitive agreement under which Microsemi will acquire PMC in a deal valued at about $2.5 billion. Shareholders of Microsemi and PMC will own approximately 85 percent and 15 percent, respectively, of the combined entity post completion of the transaction.