Skyworks announces termination of merger agreement with PMC-Sierra
Skyworks Solutions Inc., an innovator of high performance analog semiconductors connecting people, places and things, today announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra Inc., entered into on October 29, 2015. Today PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC.
Skyworks maintains a highly disciplined approach to the assessment of potential acquisition candidates, and 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 on its Q4 FY2015 earnings conference call on November 5, 2015.
For more information, please visit Skyworks' website at: www.skyworksinc.com.