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PMC-Sierra Commits to Skyworks After Microsemi's Higher Offer

PMC-Sierra Inc. said it’s committed to a takeover offer from Skyworks Solutions Inc. even after Microsemi Corp. raised its competing bid for the maker of semiconductors for network drives.

While Microsemi’s $11.88 a share proposal is “nominally higher,” Skyworks’ bid provides more value certainty because it’s all cash, PMC-Sierra said in a statement. Microsemi is offering $9.04 in cash and 0.0771 of common stock per share while Skyworks proposal is at $11.60 a share.

Surging costs for design and manufacturing, along...