Zarlink Semiconductor acknowledges receipt of an unsolicited non-binding proposal from Microsemi to acquire all of the outstanding shares of Zarlink for CAD$3.35 per share in cash.

The Zarlink Board reviewed these expressions of interest and with the assistance of its financial advisors, RBC Capital Markets and Canaccord Genuity, and external legal counsel, unanimously concluded and advised Microsemi that the proposals significantly undervalued Zarlink and its future prospects and were not in the best interests of its stakeholders.