Chinese microchip maker Montage Technology Group and Silicon Valley's Pericom Semiconductor Group have engaged financial PR counsel in a three-way play to acquire Pericom.
Montage's improved $19-per-share, $442M offer for Pericom this week surpassed a $17.75-per-share September bid by Diodes Incorporated of Plano, Tex.
Pericom, however, is urging its shareholders to accept the earlier Diodes bid as a special meeting of shareholders is set for today.
Montage is working with Joele Frank and proxy firm Innisfree M&A Inc., while Pericom is relying on Sard Verbinnen & Co and MacKenzie Partners.
"We are shocked that Pericom’s Board of Directors would continue to deny its shareholders the opportunity to receive a full $1.25 more per share than they would receive in the inferior Diodes transaction," the company said, adding that is has "committed financing" and would pay shareholders "promptly."
Pericom and Diodes and are publicly traded on the Nasdaq, while Montage is privately held and based in China.
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