Mergers and Acquistions News
Categories: Semi-Conductors
September 2nd 2011, 12:03PM
Zarlink Semiconductor has urged its shareholders to reject a takeover bid by Microsemi.
The enterprise believes it has been "significantly" undervalued by the offering and that a better pitch is likely to be made by an alternative company.
Microsemi proposed the purchase of all outstanding common shares in Zarlink, paying C$3.35 per share (£2.11).
It would also buy the outstanding six per cent of unsecured, subordinated convertible debentures that mature on September 30th 2012.
Zarlink chairman Adam Chowaniec said the company's board is of the opinion that "based on the level of interest which has been expressed to date, that it is likely that a transaction will emerge from the board's strategic process which is superior to the Microsemi offers".
James Peterson, president and chief executive officer at Microsemi, had previously stated that his business believes its offer will result in a "superior outcome" for the shareholders, debentureholders, employees and customers associated with Zarlink.
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