Mergers and Acquistions News
Categories: Semi-Conductors
August 18th 2011, 14:57PM
Microsemi Corporation has announced it is to make a hostile takeover bid for Zarlink Semiconductor.
In July, Canadian company Zarlink rejected the US firm's non-binding public proposal to acquire all outstanding shares at a price of $3.35 (£2) each.
This is because it claimed the figure did not represent the true value of the business and its future prospects.
However, Microsemi has now commenced unsolicited offers to acquire the shares for the original price.
"The Zarlink board will review Microsemi's unsolicited offer to determine the course of action that it believes is in the best interests of Zarlink and its stakeholders," the organisation stated.
Investors in the Canadian enterprise have been advised to not to take any action until they receive further guidance.
James Peterson, president and chief executive officer at Microsemi, said: "We are committed to building and strengthening Zarlink's business and believe our offers provide a superior outcome for Zarlink's shareholders, debentureholders, employees, customers and the local economy."
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