Atmel Gets Hostile Bid From Microchip, ON Semiconductor
San Jose-based Atmel Corporation, a maker of semiconductors, has been handed a $2.3 billion dollar offer from the company. According to Microchip Technology and ON Semiconductor, they are offering to buy Atmel for $5.00 per share in cash, after Atmel rejected an offer to discuss a possible buyout. In a letter released by the firms, Microchip Technology said it was looking to acquire Atmel at a premium of 52.4% from its closing price Wednesday, and would finance part of the acquisition by selling Atmel's nonvolatile memory, RF, and automative businesses to ON Semiconductor.
posted on Thursday, October 2, 2008
Related companies:
Atmel
Related stories:
> Atmel Suitor Calls Off Takeover Effort
> ON Semiconductor Withdraws Atmel Acquisition Offer
> Atmel Rejects Acquisition Bid
> Atmel Acquired By Microchip Technology For $3.5 Billion
> Atmel Acquired By Dialog Semiconductor For $4.6 Billion
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