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UPDATE 1-Microsemi to buy Actel Corp for $430 mln
October 4, 2010 / 5:44 AM / 7 years ago

UPDATE 1-Microsemi to buy Actel Corp for $430 mln

* Actel shareholders will receive $20.88/shr

* Microsemi sees deal adding to its earnings

* Says remains comfortable about its Q4 outlook (Adds details)

Oct 4 (Reuters) - Microsemi Corp (MSCC.O), a maker of power management semiconductors, said it will buy integrated circuit manufacturer Actel Corp ACTL.O for about $430 million, to expand in the defense and aerospace market.

Microsemi said it would pay $20.88 per Actel share through a cash tender offer, and expects the deal to add $0.22 to $0.28 per share in its first full calendar year ending December 2011.

Shares of Actel closed at $16.02 Friday on Nasdaq.

The deal value is net of Actel’s projected cash balance at closing, Microsemi said.

For the September quarter, net sales for Microsemi are expected to range from $146 to $150 million.

Microsemi said it remains comfortable with its previously announced non-GAAP earnings per share outlook for its fourth quarter of $0.33 to $0.35.

Analysts, on average, are expecting fourth-quarter earnings of 34 cents a share, excluding items, on revenue of $146.9 mln.

“We believe the addition of Actel will deliver compelling synergies to Microsemi,” Microsemi Chief Executive James Peterson said in a statement.

Shares of Microsemi closed at $17.11 Friday on Nasdaq. (Reporting by Sakthi Prasad in Bangalore; Editing by Louise Heavens)

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