IRVINE, Calif., April 12, 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 signed a definitive agreement 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. The transaction is subject to customary closing conditions, including the approval of AML Communications' shareholders, and is expected to close around the end of June, 2011.
AML Communications had previously entered into a definitive merger agreement with Anaren, Inc. (Nasdaq:ANEN) on February 14, 2011 whereby Anaren would acquire AML for $2.15 per share in an all-cash transaction. On April 5, 2011, AML Communications' Board of Directors determined that Microsemi's proposal to acquire AML represented a superior offer to its shareholders.
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, "We are pleased to move forward. The acquisition of AML Communications will 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."
"We are looking forward to joining the Microsemi family," said Jacob Inbar, Chairman, President and CEO of AML. "Our RF microwave technology is extremely complementary to Microsemi's existing product portfolio, and we look forward to leveraging our combined position as a top supplier into leading defense programs."
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.