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PMC-Sierra (PMCS) Stock Jumps on Microsemi's $2.4 Billion Bid

NEW YORK (TheStreet) -- Shares of PMC-Sierra (PMCS - Get Report) were gaining 14.3% to $11.69 on Monday following the announcement that Microsemi (MSCC) offered to acquire the semiconductor devices company for $2.4 billion.

Microsemi said it its offer to acquire PMC-Sierra constitutes a "Superior Proposal" to Skyworks' (SWKS) plan to acquire the company for $2 billion.

Microsemi offered to pay $11.50 a share in cash and stock for PMC-Sierra, which represents a 50% premium over the company's closing price on October 5, the day before Skyworks made its bid for the company. Under the deal PMC-Sierra shareholders will receive $8.75 in cash and 0.0736 of a share of Microsemii stock for each share of PMC-Sierra they hold.

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"Based on extensive discussions with PMC over the past 18 months and comprehensive analysis, we believe this transaction offers compelling strategic and financial benefits for the shareholders of both Microsemi and PMC," Microsemi CEO James J. Peterson said in a statement.

About 17.1 million shares of PMC-Sierra were traded by 9:55 a.m. Monday, above the company's average trading volume of about...


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