Deals
Skyworks Lifts PMC Bid to $2.3 Billion, Eclipsing Microsemi
- Amended deal raises offer to $11.60 a share from $10.50
- Agreement adds to record year for semiconductor mergers
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Skyworks Solutions Inc., a maker of analog semiconductors, agreed to acquire PMC-Sierra Inc. for $11.60 a share in cash, up from a previous offer of $10.50, advancing a bidding contest during a record year for chip mergers.
The new offer has a value of about $2.3 billion, based on 195.7 million PMC-Sierra shares outstanding. The company’s board determined that the deal is superior to an Oct. 19 proposal by Microsemi Corp. for $8.75 in cash plus 0.0736 of its stock for each PMC-Sierra share, the Santa Clara, California-based company said in a statement Friday.