On October 19, 2015, Microsemi announced a proposal to acquire PMC-Sierra in a transaction valued at $2.4 million. Microsemi is offering PMC shareholders $8.75 in cash and 0.0736 of its shares for each PMC share held. With this new acquisition, Microsemi aims to target the communication and storage industry, specifically by providing targeted data storage solutions and cloud applications. Microsemi's portfolio already consists of solutions for applications in the communication, defense & security, and aerospace industries. Microsemi FPGA, SoCs, and ASICs are used in precise time solutions, including setting the world standard times, voice processing applications, and security and anti-tamper products. Microsemi's offer trumped Skyworks Solutions' offer to purchase the PMC Sierra for $2 billion. PMC believes that Microsemi's offer may lead to another "superior proposal" from another company.
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