Microsemi Corp. on Tuesday said it plans to acquire the microwave amplifiers and subsystem maker AML Communications Inc. of Camarillo for $28 million in cash.

The Irvine circuit and chip maker is offering shareholders of the defense subcontractor $2.50 per share, roughly what the stock has been trading for on the Over-Counter Bulletin Board since last Wednesday.

The deal, which must be approved by AML shareholders, is expected to close at the end of the second quarter.

AML’s board earlier had received an offer of $2.15 per share from Anaren Inc. The company notified Anaren of Microsemi’s superior offer last Wednesday and gave it three days to meet or beat Microsemi’s offer, which did not occur.

AML shares were down 3 cents, or 1 percent, to $2.47 in midday trading Tuesday.