Power management chipmaker Microsemi Corp (MSCC.O) on Wednesday made its $548.7 million cash offer for Zarlink Semiconductor Inc (ZL.TO) public, after the Canadian company spurned its two earlier proposals. Late on Wednesday, Zarlink said in a statement the C$3.35 per share offer still significantly undervalued the company. Zarlink's shares shot up to C$3.69, their highest in seven year, before ending trade on the Toronto Stock Exchnage at C$3.60. It was the most actively traded stock on the Toronto Stock Exchange on Wednesday, as investors bid up the stock in anticipation of a higher offer. Microsemi first approached Zarlink in January and an offer worth C$3.00 per share was rejected by Zarlink Chief Executive Gary Tanner, who took command in May, Microsemi's chief strategy officer, Steve Litchfield, said on a conference call.
Shares of MSCC fell by 0.1% or $-0.02/share to $19.92. In the past year, the shares have traded as low as $13.83 and as high as $24.96. On average, 595202 shares of MSCC exchange hands on a given day and today's volume is recorded at 972442.
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