Microsemi agrees to pay $230 million for timing firm
The price represents a 49 percent premium over the average price of Symmetricom stock over the 90 days preceding Oct. 18.
The board of directors of Nasdaq-listed Symmetricom has unanimously recommended the acquisition to shareholders. The move will expand Microsemi’s position in timing for aerospace, defense and industrial markets.
Symmetricom provides timekeeping products for GPS satellites, national time references, and national power grids as well as in critical military and civilian networks.
The board of directors of Symmetricom unanimously recommends that Symmetricom’s stockholders tender their shares in the tender offer. The total transaction value is approximately $230 million, net of Symmetricom’s projected cash balance at closing.
"I believe Microsemi is the ideal company to leverage Symmetricom’s technology and capabilities further into the communications market along with the scale to accelerate the adoption of the company’s innovative new chip scale atomic clock (CSAC) technology into broader markets," said Elizabeth Fetter, CEO of Symmetricom, in a statement issued by Microsemi.
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