PMC-Sierra Inc. said Microsemi Corp.'s $2.35 billion takeover offer wasn't superior to a bid from Skyworks Solutions Inc. because the Skyworks deal "provides more value certainty to shareholders" than the Microsemi proposal, which was "nominally higher."

On Friday, PMC's board backed an all-cash bid from Skyworks for $11.60 a share, or $2.24 billion. Microsemi's cash-and-stock offer valued PMC at $11.88 a share, up 3.7% from a previous offer, based on Microsemi's Thursday closing price.

PMC makes products for storage, optical and mobile networks. Skyworks is a semiconductor company and Microsemi makes chip equipment and provides software for cloud data.

In its statement late Sunday, PMC cited capital-market volatility as a reason to stick with Skyworks' all-cash bid. It also said that because Microsemi was trading near its five-year high, "when using a sixty- or ninety-trading-day average of Microsemi closing stock prices, the value of the Microsemi offer is essentially the same as Skyworks' proposal."

PMC also said Microsemi would be one of the most highly leveraged, publicly traded chip companies after taking into consideration a potential acquisition of PMC.

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(END) Dow Jones Newswires

November 02, 2015 00:55 ET (05:55 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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