Canaccord Genuity Downgrades Applied Micro Circuits (AMCC) to Hold

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Go back to Canaccord Genuity Downgrades Applied Micro Circuits (AMCC) to Hold

M/A-Com Technology Solutions (MTSI) to Acquire Applied Micro Circuits (AMCC) in $770M Deal

November 21, 2016 7:16 AM EST

MACOM Technology Solutions Holdings, Inc. (Nasdaq: MTSI) announced it has entered into a definitive agreement to acquire Applied Micro Circuits Corporation (Nasdaq: AMCC) for approximately $8.36 per share, consisting of $3.25 in cash and 0.1089 MACOM shares per share of AppliedMicro. This price for each share of AppliedMicro represented a 15.4% premium over the companys closing price of $7.25 on Friday, November 18th. MACOM intends to divest the well-positioned but non-strategic Compute business within the first 100 days of closing.

Transaction Highlights Include:

Transaction valued at approximately $770... More