WASHINGTON (dpa-AFX) - Microsemi Corp. (MSCC) announced it is disappointed the PMC-Sierra board has chosen not to deem its $11.88 per share bid a superior proposal. Microsemi stated that the current trading price of the company's shares reflects the market's understanding of and appreciation for the merits of a combination of Microsemi with PMC.
James Peterson, Microsemi's CEO, said: 'While the PMC board has chosen to determine that our proposal is not superior, we hope that the PMC shareholders will express their concern over this decision as well as the board's decision to raise the break-up fee with Skyworks by more than 26 percent, a move which is clearly not in the shareholders' best interest.'
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