Dialog will not renew bid for Atmel

On January 13, 2016, Atmel announced that it had determined that the unsolicited acquisition proposal received from Microchip Technology has been deemed a superior proposal and that it intends to terminate its agreement with Dialog to accept Microchip’s proposal. Now, Dialog informs Atmel that it will waive the remainder of the four business day notice period to which Dialog is entitled under its merger agreement with Atmel. Due to the termination of the merger agreement with Dialog, Atmel is required to pay Dialog a USD 137.3million termination fee. "We believed the acquisition was the right strategic decision for us, and we are disappointed that it did not come to fruition. However, we remain highly confident in our strategic plan, market opportunities, and competitive strengths. We will continue to put the interests of our customers and shareholders at the forefront of all our decisions. Our focus is to create long-term value for our shareholders," said Jalal Bagherli, Dialog Chief Executive Officer.