Microsemi Corp. announced that 0916753 B.C. ULC (the "Offeror"), an indirect wholly-owned subsidiary of Microsemi Corp. ("Microsemi"), has formally commenced its offers (the "Offers") to acquire all of the outstanding common shares, together with associated rights (the "SRP Rights") outstanding under the shareholder rights plan of Zarlink Semiconductor Inc., and all of the outstanding 6% unsecured, subordinated convertible debentures maturing on September 30, 2012 of Zarlink. The Offeror will deliver its Offers and take-over bid circular (together, the "Circular") to Zarlink’s principal office and file the Circular with the Canadian securities regulators and the U.S. Securities and Exchange Commission. The Circular will also be sent to Zarlink’s shareholders and debentureholders.
Pursuant to the Offers, shareholders of Zarlink will be entitled to receive CAD $3.35 for each common share validly deposited and debentureholders of Zarlink will be entitled to receive CAD $1,367.35 per CAD $1,000.00 principal amount of the convertible debentures validly deposited plus accrued and unpaid interest to the date such debentures are taken up.