Deals
Microsemi Tops Skyworks' Increased Bid for PMC-Sierra
- Latest offer is $11.88 a share compared with $11.60 bid
- Microsemi proposal gives PMC enterprise value of $2.3 billion
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Microsemi Corp. raised its offer for PMC-Sierra Inc. to $11.88 a share, trying to top an upgraded offer by Skyworks Solutions Inc. and escalating a bidding war in a record year for semiconductor industry mergers and acquisitions.
The new bid is $9.04 in cash and 0.0771 of Microsemi’s common stock per share, compared with an all-cash bid of $11.60 a share made earlier Friday by Skyworks. On Oct. 5, Skyworks agreed to buy PMC for $10.50 a share, for what was then a 37 percent premium. Microsemi subsequently intervened, offering $11.50 a share.