Microchip, ON Semiconductor Rejected By Atmel In Acquisition Bid
Chandler, Arizona-based Microchip Technology and Phoenix-based ON Semiconductor have been rejected by Atmel in their bid to buy the California-based maker of semiconductors. According to a statement released by Atmel, it is rejecting the offer because it is not in the best interest of its stockholders, and is inadequate "in multiple respects." Microchip and ON Semiconductor had offered $2.3B in cash to buy Atmel in early October. Among reasons for the rejection, Atmel said the deal significantly undervalues the firm, is unacceptably conditional, and subject to "significant" execution risk.
posted on Thursday, October 30, 2008
Related stories:
> Microchip, ON Semiconductor Make Bid For Atmel
> Microchip Abandons Atmel Bid
> ON Semiconductor Nixes Atmel Bid
> Microchip Technology Acquires Atmel For $3.5 Billion
> Microchip Completes SMSC Buy
Techrockies.com Home