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Microsemi Announces Successful Completion of Acquisition of Zarlink Semiconductor

Thu, 10/13/2011 - 10:51am
ALISO VIEJO, CALIFORNIA -- (MARKET WIRE) -- 10/13/11 -- Microsemi Corporation (NASDAQ: MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, and Zarlink Semiconductor Inc. (TSX: ZL) today announced that 0916753 B.C. ULC, an indirect wholly-owned subsidiary of Microsemi, has accepted the tender of and will acquire today 123,438,737 Zarlink shares, representing approximately 96 percent of Zarlink's outstanding shares, and CAD$54,417,000 principal amount of Zarlink convertible debentures, representing approximately 87 percent of Zarlink's outstanding debentures. With the success of this tender, Microsemi will today take control of Zarlink's board and operations and will shortly acquire all remaining Zarlink shares not tendered by way of compulsory acquisition under the Canada Business Corporations Act. Microsemi will then take the necessary steps to delist Zarlink from the TSX and to cease to be a reporting issuer under Canadian and U.S. securities laws.

"We are pleased to announce our success in this tender offer process. As a result, Microsemi assumes control of this business and intends to move swiftly with driving the business forward for our stakeholders," said James J. Peterson, Microsemi president and chief executive officer. "We are anxious to begin capitalizing on the technology capabilities, talented technical team, product roadmap and revenue growth opportunities that this acquisition brings to Microsemi." 

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