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.