Skyworks updates its offer for PMC-Sierra

The increase – from its previous offer of USD 10.50 in cash per share – trumps Microsemi's rival offer of buying PMC for USD 11.50 per share or 2.25 billion as a total value. The boards of directors of Skyworks and PMC have each approved the amended merger agreement. PMC’s board of directors has determined that as a result of the amended merger agreement with Skyworks, Microsemi’s proposal is not superior and recommends the agreement with Skyworks to PMC stockholders. As previously announced, Skyworks intends to fund the acquisition with cash on hand from the combined companies and with fully committed debt financing. The transaction is expected to close in the first half of calendar 2016, subject to PMC shareholder approval, receipt of regulatory approvals and other customary closing conditions.