Energy News / Shareholders Foundation, Inc.

PMC-Sierra Inc (NASDAQ:PMCS) Shareholder Alert: Lawsuit in Effort to Halt Takeover by Skyworks Solutions, Inc

Via: ReleaseWire

Updated 9:30 AM CDT, Fri, October 30,2015

A lawsuit was filed for investors in shares of PMC-Sierra Inc (NASDAQ:PMCS) in connection with the proposed takeover was announced and NASDAQ:PMCS stockholders should contact the Shareholders Foundation.

San Diego, CA -- (ReleaseWire) -- 10/30/2015 -- A shareholder in NASDAQ:PMCS shares filed a lawsuit in effort to halt the proposed takeover of PMC-Sierra Inc by Skyworks Solutions, Inc for $10.50 per share.

Investors who purchased shares of PMC-Sierra Inc (NASDAQ:PMCS) and currently hold any of those NASDAQ:PMCS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PMCS stockholders by agreeing to sell PMC-Sierra Inc. too cheaply via an unfair process to Skyworks Solutions, Inc.

On October 5, 2015, Skyworks Solutions, Inc. (NASDAQ: SWKS) and PMC-Sierra Inc (NASDAQ:PMCS) announced an agreement under which Skyworks will acquire PMC-Sierra Inc (NASDAQ:PMCS) for $10.50 per share in an all-cash transaction valued at approximately $2 billion.

However, the plaintiff claims that the proposed consideration NASDAQ:PMCS shareholders will receive is grossly inadequate and undervalues PMC-Sierra Inc. Indeed, at least one analyst has set the high target price for NASDAQ:PMCS shares at $11.00 per share. Furthermore, PMC-Sierra Inc reported that its Total Revenue rose from $508.03 million for the 52 weeks period that ended on December 28, 2013 to $525.60 million for the 52 weeks period that ended on December 27, 2014 and that its Net Loss of $32.25 million for the 52 weeks period that ended on December 28, 2013 turned into a Net Income of $0.8 million for the 52 weeks period that ended on December 27, 2014. Shares of PMC-Sierra Inc (NASDAQ:PMCS) grew from $5.76 per share in November 2013 to as high as $9.75 per share in March 2015. In addition, the plaintiff claims that the process is also unfair to NASDAQ:PMCS stockholders.

On October 29, 2015, NASDAQ:PMCS shares closed at $11.64 per share.

Those who are current investors in PMC-Sierra Inc (NASDAQ:PMCS) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/pmc-sierra-inc-nasdaqpmcs-shareholder-alert-lawsuit-effort-halt-637516.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com