Skyworks calls off merger with PMC-Sierra

PMC has terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an USD 88.5 million termination fee from PMC. "Skyworks maintains a highly disciplined approach to the assessment of potential acquisition candidates, and at an increased valuation, PMC no longer meets Skyworks’ financial criteria," Skyworks writes in a press release. On November 19, Microsemi made a release stating that its that its revised proposal to acquire PMC-Sierra – in a cash and stock transaction – had been deemed as a "Superior Proposal" next to Skyworks offer. Under the terms of the Microsemi revised proposal, PMC shareholders will receive USD 9.22 in cash and 0.0771x of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction. Microsemi was informed that the PMC-Sierra board has given written notice to Skyworks of its intent to approve or recommend the Microsemi proposal.