PMC-Sierra Turns Down Microsemi's Buyout Bid, Says It Will Stick With Skyworks Deal

Sierra Inc. said it has rejected Microsemi Corp. unsolicited buyout bid, saying it will stick with the previously-agreed on merger deal with Skyworks Solutions Inc. . PMC said in a statement that, given the recent stock market volatility, Skyworks' all cash bid "provides more value certainty to PMC shareholders" than Microsemi's stock and cash bid. Based on Friday's closing share prices, Microsemi's bid values PMC's stock at $11.77 each, while the Skyworks' deal values PMC at $11.60 a share. PMC's stock, which was still inactive in premarket trade, has run up 28% year to date, while the S&P 500 has lost 1.7%.