Microsemi makes new Zarlink takeover bid
Microsemi has launched a formal bid to acquire all outstanding shares of Ottawa based mixed signal chipmaker, Zarlink Semiconductor.
The company's latest proposal follows several previous attempts, which were all rejected without discussion. James Peterson, Microsemi's president and ceo, maintained the company's interest in engaging with Zarlink's board. "We are committed to building and strengthening its business and believe our proposal provides a superior outcome for Zarlink's shareholders, employees, customers, and the local economy," he said.
Peterson said he was disappointed by Zarlink's board of directors' insistence on placing 'onerous restrictions' on the company, preventing it from making offers to Zarlink's shareholders and debentureholders. "Under these circumstances, and in the absence of a more attractive alternative, Microsemi is compelled to take its offer directly to shareholders," said the ceo. "Zarlink shareholders will receive a substantial premium, in cash, and without execution or macroeconomic risk."
