Microsemi boosts its buyout offer for PMC-Sierra
NEW YORK (AP) — Microsemi, a maker of semiconductors, boosted its buyout offer for chipmaker PMC-Sierra again, two days after PMC-Sierra said it preferred a deal with rival Skyworks.
Microsemi Corp. is now offering a mix of cash and stock valued at about $12.05 for each share of PMC-Sierra, up from the $11.88 per share in cash and stock it offered late last month. It's the second time Microsemi has boosted its offer.
The latest offer from Microsemi, based in Aliso Viejo, California, is worth about $2.4 billion.
On Monday, PMC-Sierra said an offer from Skyworks of $11.60 per share was a better deal because it would be paid in all cash.
Representatives for Sunnyvale, California-based PMC-Sierra Inc. and Woburn, Massachusetts-based Skyworks Solutions Inc. did not immediately respond to a request of comment Wednesday morning.