Power Electronics

Atmel Continues to Stand Off Microchip/On-Semi Take-over

As of the morning of Nov. 12, a day when the Dow dipped another 400-some points, Microchip Technology and ON Semiconductor remained resolute in their intent to acquire Atmel at $5 per share in cash, which represents a 52.4% premium to Atmel’s closing price on the last trading day before announcement of the proposal. Microchip also announced that day that it intended to nominate a slate of highly qualified directors at Atmel’s next annual meeting of shareholders and that it had received clearance to acquire Atmel under the Hart-Scott-Rodino Antitrust Improvements Act. Up to that point (and the time at which this is being written), Atmel’s Board had rejected the offer without engaging in any discussions.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish