U.S. chipmaker Microsemi Corp (MSCC.O) is challenging a shareholder defense adopted by Zarlink, the Ottawa-based rival it is trying to take over with a hostile bid valued at C$550 million ($561 million). Zarlink, which has rejected the bid and is seeking higher offers, said on Friday Microsemi was challenging the so-called poison pill takeover defense at the Ontario Securities Commission (OSC), Canada's main securities regulator. "The rights plan is intended to ensure that Zarlink has time to bring its previously announced process to its conclusion for the benefit of shareholders and debentureholders," Zarlink Chairman Adam Chowaniec said in a statement. Zarlink's board adopted the poison pill, which is triggered if any one shareholder buys 20 percent or more of the company, on July 25.
Microsemi Corporation (Microsemi) is a designer, manufacturer and marketer of analog and mixed-signal integrated circuits and semiconductors. Shares of MSCC fell by 2.03% or $-0.36/share to $17.39. In the past year, the shares have traded as low as $14.49 and as high as $24.96. On average, 674712 shares of MSCC exchange hands on a given day and today's volume is recorded at 196085.
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