PMC-Sierra Goes To Microsemi After Bidding War

Aliso Viejo-based Microsemi and PMC-Sierra said this morning that the two have entered into a definitive agreement, where Microsemi will acquire PMC-Sierra, for approximately $2.5 billion. The deal comes after a bidding wart between Microsemi and Skyworks Solutions to acquire PMC-Sierra, which had agreed in October to be acquired by Skyworks for $2.4 billion. Microsemi says it is paying $9.22 in cash and 0.0771 share of Microsemi common stock for each share of PMC common stock.