Skyworks Acquisition of PMC-Sierra Terminated
Skyworks Solutions, Inc. recently announced that it has decided not to modify its amended and restated merger agreement with PMC-Sierra, Inc., entered into on October 29, 2015. PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC.
According to Skyworks, it maintains a highly disciplined approach to the assessment of potential acquisition candidates; at an increased valuation, PMC no longer meets Skyworks' financial criteria. Skyworks’ upwardly revised mid-term target operating model remains unchanged from the annualized non-GAAP earnings per share of $8.00 it provided during the earnings conference call on November 5, 2015.
For more information, visit www.skyworksinc.com.