Microsemi trying to went the M&A battle. Will SWKS have to up the bid?
On Oct. 20, PMC acknowledged receipt of Microsemi’s unsolicited bid: “PMC’s board of directors believes, after consultation with its financial advisors and outside legal counsel, that the Microsemi proposal would reasonably be expected to lead to a superior proposal … so it has determined to engage in discussions with Microsemi.”
Still, PMC adds that its board continues to recommend the merger pact with Skyworks. The boards of both Skyworks and PMC have approved the transaction between the two companies, which is expected to close in the first half of calendar 2016, subject to PMC shareholders’ OK, Skyworks said.