An anonymous director of Microsemi reports
MICROSEMI CORPORATION ANNOUNCES SUCCESSFUL COMPLETION AND EXPIRY OF ITS OFFERS TO ACQUIRE ZARLINK SEMICONDUCTOR INC.; COMPULSORY ACQUISITIONS TO FOLLOW
Microsemi Corp.'s 0916753 B.C. ULC, an indirect wholly owned subsidiary of Microsemi, has accepted the deposit of and will acquire an additional 2,223,193 Zarlink Semiconductor Inc. shares and $6,706,000 principal amount of Zarlink convertible debentures. Together with the Zarlink shares and Zarlink debentures taken up on Oct. 12, 2011, Microsemi will own 125,662,030 Zarlink shares, representing approximately 93 per cent of Zarlink's outstanding shares, and $61,123,000 principal amount of Zarlink convertible debentures, representing approximately 99 per cent of Zarlink's outstanding debentures.
Since more than 90 per cent of each of the Zarlink shares and Zarlink debentures have been deposited to Microsemi's offers, Microsemi intends to exercise its right to acquire the remaining outstanding Zarlink shares and Zarlink debentures pursuant to compulsory acquisitions under, respectively, the Canada Business Corporations Act and the trust indenture governing the Zarlink debentures. Microsemi expects to complete the compulsory acquisitions as soon as reasonably practicable. Microsemi expects Zarlink shares and Zarlink debentures to be delisted from the Toronto Stock Exchange upon completion of the compulsory acquisitions and to cease to be a reporting issuer under Canadian and U.S. securities laws.
We seek Safe Harbor.
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