Microsemi Bumps Offer For PMC-Sierra

Aliso Viejo-based semiconductor maker Microsemi said Friday that it has increased its proposal to acquired PMC-Sierra, to approximately $11.88 per PMC share, up from an earlier offer of $11.50 per share for the company. Microsemi said it now is proposing to pay $9.04 in cash and 0.0771x of its common stock for each share of PMC. PMC, for its part, says it is still committed to its original deal to be acquired by Skyworks Solutions, which says it will pay $11.60 in cash for PMC. PMC said it does not believe Microsemi's offers are superior to the cash being offer to the company by Skyworks, due to the certainty of the value of the deal.