PMC-Sierra Board Continues To Recommend Merger Deal With Skyworks Solutions

(RTTNews) - Chipmaker PMC-Sierra, Inc. (PMCS) said its board of directors has unanimously determined that the proposal received on November 9, 2015 from Microsemi Corp. (MSCC) to acquire all of the outstanding shares of PMC common stock is not superior to PMC's existing agreement with Skyworks Solutions, Inc. (SWKS) in light of the recent stock market volatility exacerbated by recent geopolitical events.

PMC-Sierra noted that Skyworks' all cash proposal provides more value certainty to PMC stockholders than the stock and cash consideration provided in the Microsemi proposal. PMC's board of directors continues to recommend the amended and restated merger agreement with Skyworks to PMC stockholders.

Under the terms of the Microsemi proposal, PMC stockholders would receive $9.04 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock held by them at the close of the transaction. Based on the closing stock price of Microsemi common stock on November 13, 2015, the Microsemi proposal was valued at $11.77 per share of PMC common stock.

PMC had previously announced on October 30, 2015 that it had entered into an amended and restated merger agreement with Skyworks Solutions, pursuant to which Skyworks would acquire all of the outstanding shares of PMC common stock for $11.60 per share in an all-cash transaction.