Microchip Signs Deal to Buy Atmel
20 Gennaio 2016 - 12:10AM
Dow Jones News
Microchip Technology Inc. signed a deal to buy Atmel Corp.,
which said last week that Microchip's unsolicited bid was superior
to an agreement with Dialog Semiconductor PLC.
Dialog's cash-and-stock offer for Atmel was worth about $4.6
billion when it was announced in September. Dialog's share price
has declined since then.
After Atmel called Microchip's $8.15-a-share cash-and-stock bid
superior, Dialog said it wouldn't increase its buyout offer.
On Tuesday, Microchip said the Atmel deal has an equity value of
about $3.56 billion.
Microchip said the transaction provides a "much higher" cash
consideration than the Dialog agreement.
Atmel, which also had attracted an offer from fellow California
chip maker Cypress Semiconductor Corp., is best known for chips
called microcontrollers that provide computing power for many kinds
of consumer and business hardware.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 19, 2016 17:55 ET (22:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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