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Fly News Breaks for October 19, 2015
Oct 19, 2015 | 13:05 EDT
Oppenheimer analyst Rick Schafer believes Skyworks (SWKS) is unlikely to counter Microsemi's (MSCC) $11.50 per share bid for PMC-Sierra (PMCS). Skyworks has displayed price discipline on takeovers and a raised offer implies dilution to earnings accretion, Schafer tells investors in a research note. The proposed acquisition is a "classic" Microsemi deal with immediate accretion, the analyst adds. He thinks Microsemi's offer looks compelling and points out PMC-Sierra has yet to respond. The analyst has a Perform rating on Microsemi.
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