Atmel rejects Microchip/On Semi approach
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Atmel’s board of directors has rejected the takeover move initiated by Microchip ON Semiconductor, determining the approach was ‘inadequate in multiple respects, including value, conditionality and complexity’.
“Atmel’s board has determined that Microchip and ON’s highly conditional proposal significantly undervalues Atmel and would deprive Atmel stockholders of the greater value that can be achieved through the continued execution of the company’s transformation plan,” said Atmel chairman David Sugishita.
Steven Laub, Atmel’s president and ceo, added: “Atmel’s board and management are committed to enhancing stockholder value. This commitment has driven the decisive actions we have taken to improve and restructure nearly every aspect of Atmel’s operations. These initiatives are well underway and are just beginning to unlock the value inherent in Atmel. Indeed, our third quarter results demonstrate the clear progress we are making. We will continue to take all appropriate steps, including selling or shutting down those businesses that do not meet our financial or strategic objectives, to ensure that we build on this momentum and realise Atmel’s full potential.”
