On Tuesday, Shares of PMC-Sierra Inc (NASDAQ:PMCS), lost -1.19% to $11.59.
PMC-Sierra, declared that it has received an unsolicited proposal from Microsemi Corporation (MSCC) to acquire all of the outstanding shares of PMC common stock in a cash and stock transaction. Under the terms of Microsemi’s proposal, PMC stockholders would receive $8.75 in cash and 0.0736 of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction. Based on the closing stock price of the Microsemi common stock on October 19, 2015, the Microsemi proposal was valued at $11.35 per share of PMC common stock.
PMC had formerly declared (on October 5, 2015) that it had entered into a merger agreement with Skyworks Solutions, Inc. (SWKS) following which Skyworks would acquire all of the outstanding shares of PMC common stock for $10.50 per share in an all-cash transaction.
PMC’s board of directors is evaluating Microsemi’s proposal and has not made a determination as to whether the proposal constitutes a Superior Proposal under the terms of PMC’s merger agreement with Skyworks. However, PMC’s board of directors believes, after consultation with its financial advisors and outside legal counsel, that the Microsemi proposal would reasonably be predictable to lead to a Superior Proposal, and that the failure to take part in negotiations with Microsemi would reasonably be predictable to be incompriseent with the board’s fiduciary duties, so it has determined to engage in negotiations with Microsemi. There can be no assurances that any definitive agreement or transaction will result from the Microsemi proposal or PMC’s negotiations with Microsemi.
PMC-Sierra, Inc. designs, develops, markets, and supports semiconductor solutions for communications network infrastructure equipment worldwide. Its semiconductor devices enable networking equipment primarily in three markets, counting storage, optical, and mobile networks.
Shares of Teck Resources Ltd (USA) (NYSE:TCK), inclined 0.16% to $6.21, during its last trading session.
Teck Resources Limited, declared the appointment of Lawrence Watkins as Vice President, Health and Safety.
Lawrence brings to the role a strong background in the implementation and administration of health and safety systems and initiatives, said Don Lindsay, President and CEO. His leadership of Tecks health and safety program will be key to achieving our vision of everyone going home safe and healthy every day.
Mr. Watkins experience in the mining industry comprises exploration, major projects, surface and underground mining operations and closure, with a focus in Health, Safety and Environment coaching, and developing fit-for-business administration systems. He joined Teck in 2014 as Director, Health and Safety.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
Finally, Shares of The Dow Chemical Company (NYSE:DOW), ended its last trade with 0.63% gain, and closed at $47.69.
Last week, the U.S. White House declared a suite of new private-sector commitments and executive actions that will reduce the use and emissions of the greenhouse gases known as hydrofluorocarbons (HFCs). Dow Building Solutions (DBS), a business unit of The Dow Chemical Company (DOW), take partd by announcing the elimination of higher-global warming potential (GWP) HFCs in its spray foam adhesive product lines.
“DBS aims to maximize economic, environmental and societal value – expanding from its core expertise in building envelope performance and building materials to broader innovation and advocacy for solutions that enhance the well-being of humanity in the built environment,” said Tim Lacey, DBS global business director. “For example, the future conversion of INSTA STIK™ Quick Set Commercial Roofing Adhesive and TILE BOND™ Roof Tile Adhesive product lines to a lower-GWP blowing agent will avoid about 200,000 metric tons of CO2 equivalent per year.”
In alignment with the Company’s commitment to sustainability, DBS is presently evaluating opportunities to improve the sustainability attributes of its products, providing solutions such as lower-GWP blowing agents, evaluating the use of recycled raw materials, and adopting Polymeric Flame Retardant (PolyFR) technology in major geographic regions. Dow’s PolyFR technology is poised to be the next generation industry standard flame retardant for use in both XPS and EPS foam insulation applications globally.
The Dow Chemical Company manufactures and supplies products that are used primarily as raw materials in the manufacture of customer products and services worldwide. It operates through Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics segments.
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