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

in News on October 2, 2008 at 9:26 am PT

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 says they were “deeply disappointed” that Atmel’s board “appears unwilling to consider a transaction at this time, under any circumstances.”