Microsemi not ready to throw in the towel

Under the terms of Microsemi's proposal, PMC shareholders will receive USD 9.04 in cash and 0.0771x of a Microsemi common share for each PMC common share held at the close of the transaction. The implied enterprise value is USD 2.3 billion. Based on the closing stock price of Microsemi on Oct. 29, 2015, the transaction is valued at USD 11.88 per PMC share. However, PMC had previously announced – on October 30, 2015 – that it had entered into an amended merger agreement with Skyworks under which the company would acquire all of the outstanding shares of PMC common stock for USD 11.60 per share in an all-cash transaction. And PMC’s board of directors continues to recommend the amended merger agreement with Skyworks to its stockholders, as it do not believe that Microsemi’s proposal provided superior value to PMC shareholders, PMC writes in a statement.