PMC-Sierra says Microsemi offer may lead to "superior proposal"
(Reuters) - PMC-Sierra Inc said Microsemi Corp's $2.2 billion unsolicited offer for the chipmaker could lead to a "superior proposal".
Microsemi's offer on Monday trumps a $2 billion bid from Skyworks Solutions Inc for the company.
"PMC's board of directors believes, after consultation with its financial advisers and outside legal counsel, that the Microsemi proposal would reasonably be expected to lead to a Superior Proposal," the company said in a statement.
However, the company said it was evaluating Microsemi's proposal and was yet to determine its superiority over Skyworks's bid.
PMC-Sierra said it will discuss the offer with Microsemi, but made no assurances of a definitive agreement or transaction.
PMC-Sierra, however, said it still recommended a deal with Skyworks.
(Reporting by Kshitiz Goliya in Bengaluru)
