On Tuesday, Shares of Microsemi Corporation (NASDAQ:MSCC), lost -6.46% to $33.87.
Microsemi Corporation, declared that they have reached a definitive agreement under which Microsemi will acquire PMC for $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock through an exchange offer. The transaction is valued at about $2.5 billion and represents a 77.4 percent percent premium to the closing price of PMC’s stock as of Sept. 30, 2015.
“We are happy PMC has accepted our compelling planned offer, which clearly benefits shareholders of both Microsemi and PMC. We can now shift our focus to realizing the noteworthysynergies identified during our comprehensive analysis,” said James J. Peterson, Microsemi’s chairman and CEO. “As we have formerly stated, this acquisition will provide Microsemi with a leading position in high performance and scalable storage solutions, while also adding a complementary portfolio of high-value communications products. As we integrate the team and drive profitability, our combined company will benefit from raised scale, industry-leading margins, diversified market exposure, merged infrastructure and substantial cost savings.”
The transaction is predictable to be right away accretive to Microsemi’s non-GAAP EPS and free cash flow. Microsemi anticipates achieving more than $100 million in annual cost synergies with greater than $75 million of those predictable to be realized in the first full quarter of combined operations. Microsemi presently estimates about $0.60 of non-GAAP EPS accretion in the first full year after closing the transaction.
Microsemi Corporation designs, manufactures, and markets analog and mixed-signal semiconductor solutions in the United States, Europe, and Asia. The company offers analog mixed-signal integrated circuits; field programmable gate arrays; system on chip solutions and application-specific integrated circuits; power administration products; and timing and synchronization devices, and precise time solutions.
Shares of CBS Corporation (NYSE:CBS), declined -0.82% to $50.56, during its last trading session.
CBS Corporation, declared that its Board of Directors has approved a quarterly dividend on the Company’s stock of $.15 per share. The dividend is payable on January 1, 2016, to shareholders of record on December 11, 2015.
CBS Corporation operates as a mass media company worldwide. It operates through four segments: Entertainment, Cable Networks, Publishing, and Local Broadcasting. The Entertainment segment distributes a plan of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and distributes programming, counting series, specials, news, and public affairs; operates online content networks for information and entertainment; and produces, acquires, and distributes theatrical motion pictures.
Finally, Shares of Match Group, Inc. (NASDAQ:MTCH), ended its last trade with - 1.04% loss, and closed at $14.22.
IAC/InterActiveCorp (“IAC”) and Match Group, declared the closing of Match Group’s formerly declared initial public offering (“IPO”) of 38,333,333 shares of its common stock at a price to the public of $12.00 per share. The shares began trading November 19, 2015 on the NASDAQ Global Select Market under the ticker symbol “MTCH.”
The offering of 38,333,333 shares of Match Group common stock comprised 5,000,000 shares of common stock that were sold following the underwriters’ option to purchase additional shares, which was exercised in full preceding to the closing.
Following the completion of the initial public offering, IAC owns 100% of the outstanding Class B common stock of Match Group and retains about 84.6% of Match Group’s outstanding shares of capital stock and about 98.2% of the combined voting power of Match Group’s outstanding capital stock.
Match Group, Inc. provides dating products. It operates a portfolio of about 45 brands, counting Match, OkCupid, Tinder, PlentyOfFish, Meetic, Twoo, OurTime, and FriendScout24. The company offers its dating products through its Websites and applications in 38 languages about in 190 countries.