Microsemi Announces Proposal to Acquire Zarlink for CAD $3.35 in Cash
Microsemi Corp. announced that it has made a proposal to the board of directors of Zarlink Semiconductor Inc. to acquire all of the outstanding shares of the company for CAD $3.35 per share in cash.
The proposed transaction has a total equity value of USD $548.7 million based on a fully diluted share count and represents a 40 percent premium to Zarlink’s share price as of July 19, 2011, and a 43 percent premium to Zarlink’s trailing 30 day average share price. The CAD $3.35 proposal exceeds every Zarlink closing share price over the last five years. Microsemi’s proposal recognizes the recent efforts of Zarlink and its employees to stabilize its business, and provides the opportunity for Zarlink to benefit from Microsemi’s management expertise, technology leadership, and sales platform.