ON, Microchip, Jointly Offer $5 Per Share to Buy Atmel; Shares of Both Suitors Tumble; Atmel Set to Soar

Microchip (MCHP) and ON Semiconductor (ONNN) made a joint unsolicited bid to acquire Atmel (ATML) today for $5 a share in cash. The deal values Atmel at $2.3 billion.

In a letter to Atmel yesterday–which was released today by Microchip and ON Semi–the two companies say they were “deeply disappointed” that Atmel’s board “appears unwilling to consider a transaction at this time under any circumstances.”

The letter notes that the acquisition would be led by Microchip, and financed in part by the sale of Atmel’s nonvolatile memory, RF and automotive businesses to ON Semi. The rest of the financing would come from Microchips cash position.

Read the rest of this post

Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »