Microsemi To Buy White Electronic Designs For $7/Shr In Cash

Microsemi (MSCC) this morning said it agreed to acquire White Electronic Designs (WEDC) for $7 a share in cash, or about $100 million net of White’s cash balance at closing.

Microsemi makes high performance analog mixed-signal ICs; White makes multi-chip-on-board solutions for defense and aerospace applications.

The deal will be financed with cash on hand. MSCC said the deal should be 8-12 cents accretive in FY 2011.

In this morning’s trading:

• MSCC is up 4 cents, at $16.66.
• WEDC is up $1.50, or 27.5%, to $6.96.