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Friday, September 2, 2011

Microsemi says could walk away from Zarlink bid, (NASDAQ: MSCC), (TSE: ZL)

Microsemi (MSCC.O) is willing to walk away from its C$550 million ($561 million) hostile bid to take over Canada's Zarlink Semiconductor (ZL.TO), the chief executive of the U.S. chipmaker warned on Friday. The California-based company, an aggressive buyer of other companies in recent years, is offering to purchase Zarlink for C$3.35 a share, and the bid is open until Sept. 22. "At this point, come 22 September, in these market conditions I might take my fully funded money and go to what I call Plan B or Plan C and quite frankly, we'll find out where it trades on the 23rd," Microsemi Chief Executive Jim Peterson told Reuters in an interview. ($1=$0.98 Canadian)

Shares of MSCC fell by 0.97% or $-0.15/share to $15.31. In the past year, the shares have traded as low as $14.49 and as high as $24.96. On average, 656574 shares of MSCC exchange hands on a given day and today's volume is recorded at 323675.