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© olgalis dreamstime.com Business | November 27, 2013

Microsemi completes acquisition of Symmetricom

PETT Acquisition Corp. a wholly-owned subsidiary of Microsemi, successfully merged into Symmetricom, Inc., completing Microsemi's acquisition of Symmetricom.
Under Section 251(h) of the General Corporation Law of the State of Delaware (the "DGCL") no stockholder vote is required to consummate the merger.

At the effective time of the merger, each outstanding share of Symmetricom (other than shares directly owned by Symmetricom and its subsidiaries, Microsemi or PETT Acquisition Corp. and shares held by stockholders that are entitled to and properly demand appraisal of such shares under Delaware law) was converted into the right to receive $7.18 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Symmetricom shares will cease to be traded on NASDAQ.

"We look forward to integrating the talented Symmetricom team and leveraging our product and technology synergies to develop solutions that contribute to our customers' success," said James J. Peterson, chairman of the board and CEO of Microsemi. "We are eager to drive the business forward for our stakeholders as we continue to execute Microsemi's growth strategy."

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