Microsemi Boosts PMC-Sierra Bid To $2.3 Billion

Aliso Viejo-based semiconductor developer Microsemi said today that it has boosted its bid for PMC-Sierra, to $12.05 per share in cash and stock, valuing the the hostile bid for the company to $2.3 billion. Microsemi said it is now proposing to pay $9.22 in cash and 0.0771x of share of its common stock for every share of PMC common stock. The new bid comes after PMC-Sierra's board rejected Microsemi's prior bid, saying that--although the total enterprise value was higher than its original buyout offer from Skyworks--that it still preferred Skyworks' all cash deal. PMC-Sierra said Monday that, because of the geopolitical climate and recent events, it preferred Skyworks' $10.50 per share cash deal over a split of cash and stock from Microsemi.