Atmel confirmed the receipt of an unsolicited proposal to acquire all of the outstanding shares of Atmel common stock for $9.00 in cash per share. The name of the bidder was not disclosed.
Atmel said the offer also provided the option to receive, in lieu of cash, shares of the acquiror in an amount of up to $1.0 billion in aggregate value, based on a ten-day trailing average of the acquiror's closing stock price measured as of transaction close.
Atmel's board of directors, in consultation with its financial and external legal advisors, has determined that the proposal would reasonably be expected to result in a "Company Superior Proposal" (as defined in the Dialog merger agreement) and that the failure to participate in discussions or negotiations with the potential acquiror regarding the proposal would reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable law.
http://ir.atmel.com/releases.cfm
- On September September 20, Atmel entered into a merger agreement with Dialog Semiconductor plc.
