Microsemi Purchases AML Communications For $2.50 per share

Microsemi Corporation MSCC signed a definitive agreement to purchase AML Communications Inc AMLJ for $2.50 per share in an all-cash deal. The total value of the transaction would be around $28 million, net of AMLJ's projected cash balance at closing. The deal is likely to close around the end of June, 2011. James J. Peterson, Microsemi President and Chief Executive Officer said, "We are pleased to move forward. The acquisition of AML Communications will add scale and complementary technology to Microsemi's fast-growing RF component and subsystems product offering, enabling us to deliver ever more advanced RF solutions to our customers." MSCC shares fell 0.57% to close at $20.95 yesterday, while AMLJ shares closed at $2.50 yesterday. Read more from Benzinga's Company news.