AML (Camarillo, CA) agreed on Feb. 14 to be acquired by microwave components and subassembly provider Anaren Inc. for $2.15 per share. That deal is pending approval by AML stockholders.
Microsemi’s offer to acquire AML is worth $2.50 per share, a 16 percent premium over the deal with Anaren. Microsemi (Irvine, CA) said AML’s board of directors has deemed Microsemi’s offer to be superior and delivered notice of its intent to withdraw support for the Anaren offer.
AML is a leading provider of microwave amplifiers and subsystems for defense electronics applications. The company’s customers include major defense contractors such as Raytheon, Lockheed Martin, Northrop Grumman, L-3 Communications, BAE and others.
"The acquisition of AML Communications would 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," said James J. Peterson, Microsemi president and CEO, in a statement.
Microsemi’s $2.50 per share offer for AML would be worth a total of $28 million, net of cash that AML is expected to have on hand at the time of closing.