Quarterhill Inc T.QTRH

real reason behind today's move --

[barry1981]

Ottawa technology company is being bought by Google --

Today in technology: An Ottawa-based electronics maker is courted for takeover by a Silicon Valley technology giant, Google Inc. sees its Google+ app for the Apple Inc. iOS platform shoot to the top of the App Store in its first day of availability and Microsoft Corp. founder Bill Gates offers US$42-million to reinvent the toilet.
Zarlink becomes hostile takeover target
Microsemi Corp. isn’t willing to give up on making Zarlink Semiconductor Inc. a part of the Irvine, Calif.-based computer chip maker.
After two previous offers to acquire the Ottawa-based integrated circuit producer were rejected without discussion by the Zarlink board of directors, Microsemi upped the ante on Wednesday. The company’s latest all cash offer of US$548.7-million or C$3.35 per share, represents a 40% premium on the Tuesday evening closing price of Zarlink’s shares on the Toronto Stock Exchange.
“We are committed to building and strengthening [Zarlink's] business, and believe our proposal provides a superior outcome for Zarlink’s shareholders, employees, customers and the local economy,” James Peterson, Microsemi’s chief executive, said in a statement.
Zarlink provides components for a range of communications and medical devices and currently services more than 400 customers around the world. It underwent a restructuring process and headcount reduction last year which has made its sharesmore attractive to some market watchers.
“While you have reduced your workforce recently, we are committed to investing in Zarlink’s business to capture future growth opportunities,” Mr. Peterson said in a letter sent to Zarlink’s board of directors early Wednesday morning.
Microsemi first offered C$3.00 per share in a deal proposed exactly two months ago on May 20, though nearly one month later on June 17 it increased its proposal range to between C$3.25 and C$3.55. Over the past five years, Microsemi has spent more than US$1.1-billion buying 14 companies.
“Once again, your board rejected this proposal, without discussion with us and without offering any reasons as to why our proposal did not warrant further discussion,” lamented Mr. Peterson in his letter.
“Please note, [our current proposal] represents a premium to the low end of our previous range.”
Calls made to Zarlick officials asking whether the current proposal was being considered were not immediately returned.
Another Ottawa-based company, network management technology maker Bridgewater Systems Inc., was acquired for C$211-million on June 17; the same day Microsemi increased its initial offer to buy Zarlink.
Google+ iOS app becomes top free App Store download in one day
Google Inc. is definitely not the biggest fan of Apple Inc. at the moment, though fans of Apple’s mobile devices are clearly warming to the search giant’s new Google+ social network. Having reportedly surpassed 18 million users on Tuesday evening after less than one month of existence, the Google+ app for iPhone, iPad and iPod Touch became the most popular free app on the Apple App Store early Wednesday morning. The feat is impressive considering the app only launched early Tuesday morning.
Bill Gates wants the world to sit, on nicer toilets
In his new role as a full-time philanthropist, Windows inventor and Microsoft Corp. founder Bill Gates is now addressing a problem few have ever tackled with such gusto: personal sanitation. The Bill & Melinda Gates Foundation released a statement late Tuesday calling for a reinvention of the common household toilet and is ponying up US$42-million to make it happen.
The statement notes 40% of the world’s population lacks access to flush toilets and as a result, 1.2 million children die every year from contact with human waste. Creating an innovative and more importantly inexpensive way to “capture and store” said waste will likely help to reduce that figure.