Benchmark Downgrades PMC-Sierra (PMCS) to Hold
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Wedbush Downgrades PMC-Sierra (PMCS) to Neutral Amid Takeover
October 7, 2015 12:39 PM EDTWedbush downgraded PMC-Sierra (NASDAQ: PMCS) from Outperform to Neutral with a price target of $10.50 (from $9.00) after Skyworks agreed to acquire the company in an all-cash transaction valued at $10.50 a share.
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Skyworks Solutions (SWKS) to Acquire PMC-Sierra (PMCS) in $2B Deal
October 5, 2015 10:23 PM EDTSkyworks Solutions, Inc. (NASDAQ: SWKS) and PMC-Sierra, Inc. (PMC) (NASDAQ: PMCS) announced a definitive agreement under which Skyworks will acquire PMC for $10.50 per share in an all-cash transaction valued at approximately $2 billion. This acquisition solidifies Skyworks position as a highly diversified analog, RF and mixed signal semiconductor leader by significantly expanding its product portfolio, customer base and end market applications. Upon completion of the acquisition, Skyworks expects annual revenues of more than $4 billion with gross margin in the 55 percent range and operating margin exceeding 40 percent.
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