NEW YORK, Oct. 9, 2015 /PRNewswire/ -- The fairness of
the proposed acquisition of PMC-Sierra Inc. ("PMCS" or the
"Company") by Skyworks Solutions Inc. is the subject of an
investigation by WeissLaw LLP, a national class action, shareholder
rights law firm. The investigation focuses on possible
breaches of fiduciary duty and other violations of law by the Board
of Directors of PMCS for agreeing to sell the Company to
Skyworks. On October 5, 2015,
the Company announced it had reached a definitive agreement for
Skyworks to acquire all outstanding shares of PMCS in a transaction
valued at approximately $2 billion.
Under the terms of the agreement, PMCS shareholders will
receive $10.50 in cash for each PMCS
share they own.
WeissLaw is investigating whether PMCS's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $14.00 per PMCS share, or $3.50 above the offer price. Additionally,
PMCS shares traded at $9.80 as
recently as March 23, 2015.
Further the offer price represents a mere 7% premium over the
Company's March 23 trading
price.
Given these facts, WeissLaw is investigating whether PMCS's
Board acted in the best interests of PMCS's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with Skyworks. If you own PMCS
shares and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771
or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP