Aliso Viejo-based chipmaker Microsemi Corp. increased its bid for PMC-Sierra Inc. this morning to roughly $2.39 billion.

Under the transaction, PMC shareholders would receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock. In its prior bid, Microsemi offered $9.04 in cash and 0.0771 a share.

The new cash-and-stock offer of $12.05 per outstanding PMC share comes two days after PMC’s board rejected Microsemi’s prior offer of $11.97 per share, citing “recent stock market volatility exacerbated by recent geopolitical events.”

A week earlier the board had deemed Microsemi’s offer as “superior” but rescinded that nod after consulting with financial advisors and outside legal counsel. In this context superiority did not equate to a higher monetary value.

In rejecting the bid, the board of the Sunnyvale-based company reiterated its prior commitment to the all-cash offer of $11.60 per outstanding share by Apple supplier Skyworks Solutions Inc.

PMC’s board said at the time that the bid from the Woburn. Mass.-based company provided “more value certainty to PMC stockholders.”

Microsemi said the acquisition would produce cost savings of $100 million annually, with $75 million of that realized in the quarter after the deal closes.

Microsemi shares are down nearly 1% in afternoon trading to a market value of about $3.57 billion. PMC shares are up 1.8% to a market value of about $2.36 billion.

Skyworks shares are up 3.2% to a $15.58 billion market cap.