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Electronics Production | October 02, 2008

Microchip & ON Semi propose to aquire Atmel

Microchip Technology and ON Semiconductor have sent a proposal to the Board of Directors of Atmel to acquire Atmel for $5.00 per share in cash.

The proposal, which is being led by Microchip, provides a premium of 52.4% to Atmel’s closing price of $3.28 on October 1, 2008, and values Atmel at $2.3 billion. However, it seems that earlier proposals have not been accepted by the Atmel Board of Directors. ("... the Atmel Board of Directors appears unwilling to consider a transaction at this time under any circumstances.") The acquisition would be led by Microchip and financed in part by the sale of Atmel’s nonvolatile memory and RF and automotive businesses to ON Semiconductor.
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