It took some getting there but Microsemi Corp. has finalized its acquisition of PMC-Sierra, with the latter company folding into Microsemi’s wholly owned subsidiary Lois Acquisition Corp. Under the terms of the acquisition, each outstanding share of PMC common stock was converted into the right to receive $9.22 in cash and 0.0771 shares of Microsemi common stock. Following the merger, PMC shares will cease to be traded on NASDAQ.
Originally, PMC was offered a bid by Skyworks Solutions, but Microsemi one-upped that bid in order to snag the big data and networking semiconductor vendor. The two companies then began a number of counter offers that concluded with Microsemi finally offering what amounted to about $2.3 billion for PMC.
James J. Peterson, chairman and CEO of Microsemi, says in a statement the acquisition will lead to a next wave of innovation and help power networks that connect, move and store big data.
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