Bids and Buyouts

Oxford, MS 4/6/2011 (Penny PayDay) -- Microsemi Corporation (Nasdaq:MSCC) announced today, in a press release, that it has submitted a proposal 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.

According to the press release, AML Communications had previously entered into a definitive merger agreement with Anaren, Inc. on February 14, 2011 whereby Anaren would acquire all of AML's outstanding shares of common stock for $2.15 per share in an all-cash transaction. Microsemi's acquisition proposal represents a 16% premium to the offer made by Anaren and has been deemed a superior offer by AML Communications' Board of Directors. As a result, AML Communications' Board of Directors has delivered a notice to Anaren of its intent to withdraw its recommendation of the current Anaren transaction to the AML Communications stockholders.

Headquartered in Camarillo, CA, AML Communications is a 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, according to the press release.

James J. Peterson, Microsemi President and Chief Executive Officer stated, "RF components are increasingly important in today's defense programs and Unmanned Aerial Vehicle (UAV) systems. The acquisition of AML Communications would 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. Additionally, we expect this transaction would be immediately accretive to Microsemi earnings."

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