ALISO VIEJO, Calif., Nov. 26, 2013 /PRNewswire/ -- Microsemi Corporation ("Microsemi") (Nasdaq:MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, announced today that PETT Acquisition Corp. a wholly-owned subsidiary of Microsemi, successfully merged into Symmetricom, Inc. ("Symmetricom") (Nasdaq:SYMM) completing Microsemi's acquisition of Symmetricom under Section 251(h) of the General Corporation Law of the State of Delaware (the "DGCL"), with no stockholder vote required to consummate the merger.
At the effective time of the merger, each outstanding share of Symmetricom (other than shares directly owned by Symmetricom and its subsidiaries, Microsemi or PETT Acquisition Corp. and shares held by stockholders that are entitled to and properly demand appraisal of such shares under Delaware law) was converted into the right to receive $7.18 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Symmetricom shares will cease to be traded on NASDAQ.
"We look forward to integrating the talented Symmetricom team and leveraging our product and technology synergies to develop solutions that contribute to our customers' success," said James J. Peterson, chairman of the board and CEO of Microsemi. "We are eager to drive the business forward for our stakeholders as we continue to execute Microsemi's growth strategy."Symmetricom is the world's leading source of highly precise timekeeping technologies and solutions that enable next generation data, voice, mobile and video networks and services. It provides timekeeping in GPS satellites, national time references, and national power grids as well as in critical military and civilian networks. The acquisition aligns with Microsemi's strategy to gain share by providing 'total system' solutions to high value, high barrier to entry markets where it holds leadership positions. In addition, Microsemi gains a strong footprint in IT infrastructure and metrology applications and has the opportunity to capitalize on growth opportunities for Symmetricom's chip scale atomic clock (CSAC) technology, amongst other leading-edge products.