Aliso Viejo-based chipmaker Microsemi Corp.’s hostile bid for Zarlink Semicon-ductor Inc. in Ottawa, Canada, has hit more resistance.
Zarlink directors last week urged the company’s shareholders to reject Microsemi’s latest offer, a $548.7 million cash bid made last month.
The latest is a premium of about 40% based on the closing price of Zarlink’s stock the day before the July 20 announcement of the bid. Zarlink’s shares have risen since then, and the offer now is a 7% discount to a closing price of $3.59 for Zarlink shares on Aug. 31.
Zarlink’s directors said the company has received several competing offers from bidders, but did not disclose any suitors.