O'Melveny Reps Microsemi In Hostile Bid For Zarlink

Law360, New York (July 20, 2011, 1:58 PM EDT) -- Frustrated by what it called stalling tactics by Zarlink Semiconductor Inc., Microsemi Corp. announced a hostile takeover bid Wednesday, targeting the Canadian chip technology company with an offer of $549 million.

Irvine, Calif.-based Microsemi said its offer of CA$3.35 ($3.54) per share marked a 40 percent premium above Zarlink's recent share value, and exceeded every Zarlink closing share price over the last five years.

"Our proposal provides a superior outcome for Zarlink's shareholders, employees, customers and the local economy," Microsemi CEO James J. Peterson said....
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