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Microsemi acquires Zarlink Semiconductor

Microsemi has taken control of Zarlink's board and operations and will shortly acquire all remaining Zarlink shares not tendered by way of compulsory acquisition under the Canada Business Corporations Act.

Microsemi Corporation, a provider of semiconductor products used for power, security, reliability and performance, and Zarlink Semiconductor have announced that ULC, an indirect wholly-owned subsidiary of Microsemi, has accepted the tender of and has acquired 123,438,737 Zarlink shares.

This represents approximately 96 percent of Zarlink's outstanding shares, and CAD$54,417,000 principal amount of Zarlink convertible debentures, and is approximately 87 percent of Zarlink's outstanding debentures.

With the success of this tender, Microsemi will today take control of Zarlink's board and operations and will shortly acquire all remaining Zarlink shares not tendered by way of compulsory acquisition under the Canada Business Corporations Act. Microsemi will then take the necessary steps to delist Zarlink from the TSX and to cease to be a reporting issuer under Canadian and U.S. securities laws.

Prior to effecting a compulsory acquisition of the remaining shares and redemption of the remaining debentures, which would result in a delay in payment to the remaining shareholders and debenture holders, Microsemi has extended the time for acceptance of the offers to 5 p.m. (Toronto time) on October 24, 2011. A notice of extension will promptly be mailed to holders of Zarlink shares and debentures. A copy of the notice of extension will also be available online at www.sedar.com and www.microsemi.com.

Holders of debentures not tendered to the premium offer of CAD$1,624.49 per $1,000 principal amount of debentures are strongly encouraged to do so prior to the new expiry time of 5 p.m. (Toronto time) on Oct. 24, 2011, failing which Zarlink will redeem their debentures on Nov. 11, 2011 at face value of CAD$1,000.

"We are pleased to announce our success in this tender offer process. As a result, Microsemi assumes control of this business and intends to move swiftly with driving the business forward for our stakeholders," said James J. Peterson, Microsemi president and chief executive officer. "We are anxious to begin capitalising on the technology capabilities, talented technical team, product roadmap and revenue growth opportunities that this acquisition brings to Microsemi."

The board of directors of Zarlink, after receiving fairness opinions from its financial advisors, RBC Capital Markets and Canaccord Genuity, has unanimously determined that the offers are fair to its shareholders and debenture holders and that it is in the best interests of the company to support and facilitate the offers. The board has approved the offers and recommends that Zarlink shareholders and debenture holders tender their shares and debentures to the amended offers.

Microsemi's amended offers expire at 5 p.m. (Toronto time) on Oct. 24, 2011, unless extended or withdrawn. Microsemi's Offers Circular and other documents have been mailed to Zarlink shareholders and can be obtained for free from Microsemi's website or SEDAR.com. Shareholders requiring more information or assistance tendering their shares to the offers should contact the Information Agent for the Offers, Laurel Hill Advisory Group at assistance@laurelhill.com or toll free at 1-877-452-7184.
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