Skyworks Solutions, Inc. SWKS today announced that it decided not to modify its amended and restated
merger agreement with PMC-Sierra, Inc. PMCS, 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
See full press release
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