Microchip Might Be Back on the M&A Hunt With a Rumored Deal for Microsemi; Maintaining $97 FVE
On Feb. 27, the Wall Street Journal reported that Microchip is in advanced talks to acquire Microsemi in a $7.5 billion deal, which would represent a mid-$60 share price for the firm, relatively flat with Microsemi’s recent share price of $64. If consummated, we think it would probably represent a shrewd, strategically and financially sound acquisition by Microchip. We are maintaining our $97 fair value estimate for wide-moat Microchip for now but could foresee increasing it, as Microchip has do...
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