NEW YORK (AP) -- Microsemi Corp. said Tuesday it plans to acquire AML Communications Inc. in an all-cash transaction worth $28 million.
The Irvine, Calif. circuit and semiconductor maker is offering $2.50 per share for AML stock. The deal, which must be approved by shareholders, is expected to close at the end of June.
AML, which is based in Camarillo, Calif., makes microwave amplifiers and subsystems for defense electronics applications.
AML had previously planned to combine with Anaren Inc. for $2.15 per share. AML's board of directors decided on April 5 that Microsemi's offer was better.
AML shares slipped 3 cents to $2.47 in morning trading, while Microsemi fell 30 cents, or 1.4 percent, to $20.65.