IRVINE, Calif., April 6, 2011 (GLOBE NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC), a leading provider of semiconductor technology aimed at building a smart, secure, connected world, announced today that it has submitted a proposal to acquire AML Communications, Inc. (OTCBB:AMLJ) for $2.50 per share in an all-cash transaction. The total transaction value would be approximately $28 million, net of AML Communications' projected cash balance at closing.
AML Communications had previously entered into a definitive merger agreement with Anaren, Inc. on February 14, 2011 whereby Anaren would acquire all of AML's outstanding shares of common stock for $2.15 per share in an all-cash transaction. Microsemi's acquisition proposal represents a 16% premium to the offer made by Anaren and has been deemed a superior offer by AML Communications' Board of Directors. As a result, AML Communications' Board of Directors has delivered a notice to Anaren of its intent to withdraw its recommendation of the current Anaren transaction to the AML Communications stockholders.
Headquartered in Camarillo, CA, AML Communications is a leading provider of microwave amplifiers and subsystems for defense electronics applications. The Company has a broad product portfolio and is a key supplier to major defense programs with Raytheon, Lockheed Martin, Northrop Grumman, L-3 Communications, BAE, and others.
James J. Peterson, Microsemi President and Chief Executive Officer stated, "RF components are increasingly important in today's defense programs and Unmanned Aerial Vehicle (UAV) systems. The acquisition of AML Communications would add scale and complementary technology to Microsemi's fast-growing RF component and subsystems product offering, enabling us to deliver ever more advanced RF solutions to our customers. Additionally, we expect this transaction would be immediately accretive to Microsemi earnings."
Microsemi Corporation (Nasdaq:MSCC) offers the industry's most comprehensive portfolio of semiconductor technology. Committed to solving the most critical system challenges, Microsemi's products include high-performance, high-reliability analog and RF devices, mixed signal integrated circuits, FPGAs and customizable SoCs, and complete subsystems. Microsemi serves leading system manufacturers around the world in the defense, security, aerospace, enterprise, commercial, and industrial markets. Learn more at http://www.microsemi.com.
About AML Communications, Inc.
AML Communications is a designer, manufacturer, and marketer of microelectronic assemblies for the defense industry. Its key customers include Raytheon, Lockheed Martin, Northrop Grumman, L-3 Communications, BAE, and others. The Company's extensive range of microwave products can be found in leading defense projects. For more information, visit http://www.amlj.com.