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."
About Microsemi
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.
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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.
This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The reader is cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties and other factors, many of which are outside the control of Microsemi and AML Communications. The forward-looking statements in this release address a variety of subjects including, for example, the expected date of closing and benefits of the proposed acquisition. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that, if the acquisition is completed, AML Communications' business will not be successfully integrated with Microsemi's business, including product mix and acceptance, gross margins and operational and other cost synergies; costs associated with the acquisition; costs and potential liabilities associated with the merger; matters arising in connection with the parties' efforts to comply with and satisfy applicable regulatory approvals and other closing conditions relating to the transaction, including the receipt of the approval of AML Communications' shareholders; negative or worsening worldwide economic conditions or market instability; unfavorable conditions in end markets; potential non-realization of expected orders or non-realization of backlog; difficulties in closing or disposing of operations or assets or transferring work from one plant to another; increased competition and technological changes in the industries in which Microsemi and AML Communications compete; and other events that could negatively impact the completion or benefits of the transaction, including industry, economic or political conditions outside of our control. The forward-looking statements included in this release speak only as of the date hereof, and Microsemi does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.