Microsemi Makes $2.4 Billion Bid For PMC-Sierra

Aliso Viejo-based semiconductor developer Microsemi has made a $2.4 billion bid for PMC-Sierra, saying it is proposing to acquire the fellow semiconductor developer for $11.50 per share--$400 million more than a deal brokered between PMC-Sierra and Skyworks Solutions earlier this month. Microsemi said its proposed acquisition would produce a company with $1.75 billion of combined revenues, and would complement its optical and switching portfolios. Skyworks had inked a deal to pay $10.50 per share in cash for PMC-Sierra on October 5th. Microsemi said it will pay $8.75 in cash and 0.0736 of a share of Microsemi common stock for each share of PMC common stock in its offer.