Microsemi To Acquire Actel For $20.88 Per Share

Microsemi Corp MSCC has agreed to acquire Actel Corp ACTL for around $430 million for expanding in the defense and aerospace market. Microsemi has offered to buy Actel for $20.88 per share in a cash tender offer. MSCC is expecting the acquisition to gain $0.22 to $0.28 per share in its first full calendar year ending December 2011. Microsemi expects its September quarter net sales to be within the range of $146 to $150 million. James J. Peterson, Microsemi President and Chief Executive Officer said, "We believe the addition of Actel will deliver compelling synergies to Microsemi." He added, "Actel will bring the most widely-used mixed-signal, radiation tolerant FPGA products in the Aerospace & Defense markets today, and the company's products will allow Microsemi to extend its growing system-level capabilities. As Microsemi continues to move up the value chain in offering its customers system solutions that are better, faster, and more-cost effective than they can build themselves, Actel's highly-integrated solutions will be an integral component in enabling this growth." John C. East, Actel President and Chief Executive Officer said, "The proposed acquisition of Actel by Microsemi will create a powerful combination." He added, "I can think of no company more complementary and better equipped to take Actel's solutions to new heights." ACTL shares advanced 27.97% to $20.50 in pre-market trading, while MSCC shares lost 0.07% to close at $17.11 on Friday. Read more from Benzinga's Company news.