Atmel Rejects Acquisition Bid

San Jose-based Atmel said late Wednesday that the firm's board of directors has rejected an unsolicited bid from Microchip Technology and ON Semiconductor for the company. According to the firm, the offer is "inadequate in multiple respects" and is "not in the best interests of Atmel's stockholders." Atmel received the hostile bid for the firm in early October, worth $2.3B in cash, or $5.00 per share. In a letter released by Atmel, it said the offer undervalues Atmel, is "unacceptably conditional" and is subject to significant execution risk.