The offers represent a 40 per cent premium over the closing price of Zarlink's common shares on the TSX on July 19, Microsemi said, and a 24 per cent premium over the closing price of the debentures.

"We are committed to building and strengthening Zarlink's business," Peterson said in the Microsemi press release, "and believe our offers provide a superior outcome for Zarlink's shareholders, debentureholders, employees, customers and the local economy ...We believe this proposed acquisition provides considerable growth opportunities, and greatly benefits the security holders of both companies."