PMC-Sierra: Microsemi (MSCC) increases its offer to acquire PMC-Sierra; new offer valued at $12.05/ PMCS share
Microsemi Corporation (MSCC) announced that it has increased its proposal to acquire PMC-Sierra in a cash and stock transaction.
- Under the terms of Microsemi's proposal, PMC shareholders would receive $9.22 in cash and 0.0771x of a share of Microsemi common stock for each share of PMC common stock. Based on the closing stock price of Microsemi on Nov. 17, 2015, the transaction is valued at $12.05 per PMC share.
- The revised proposal is expected to be immediately accretive to Microsemi's non-GAAP EPS and free cash flow. Microsemi anticipates achieving more than $100 million in annual cost synergies with greater than $75 million of those to be realized in the first full quarter of combined operations. Microsemi estimates approximately $0.60 of non-GAAP EPS accretion in the first full year after closing the transaction.