Press release published by: https://www.investors.com/
Author: Patrick Seitz
Source URL: https://www.investors.com/news/technology/microchip-purchase-of-microsemi-gets-thumbs-up-from-wall-street/
Microchip and Microsemi announced the $10 billion-plus deal late Thursday. Under a definitive agreement, Microchip will buy Microsemi for $68.78 per share in cash. The acquisition price has an equity value of $8.35 billion and a total enterprise value of $10.15 billion after accounting for Microsemi’s cash and investments, net of debt.
Mizuho Securities analyst Vijay Rakesh on Sunday upgraded Microchip stock to buy from neutral and raised his price target to 110 from 92. “We see the acquisition giving Microchip market breadth and operating leverage,” Rakesh said in a report. He expects the deal to close in the second quarter.
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