ON Semiconductor (ONNN) and Microchip Technology (MCHP) Withdraw Joint Proposal to Acquire Atmel (ATML)
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ON Semiconductor Corporation (NASDAQ: ONNN) today announced that it is withdrawing from its joint proposal with Microchip Technology Incorporated (NASDAQ: MCHP) to acquire Atmel Corporation (NASDAQ: ATML).
Keith Jackson, President and CEO of ON Semiconductor, said, “While we believe that Atmel’s Nonvolatile Memory and RF and Automotive businesses would be an attractive strategic acquisition, we have decided to withdraw from the proposal due to the unforeseen deterioration in the semiconductor market since we announced our proposal as well as the unprecedented weakness in the financial markets.”
Steve Sanghi, President, CEO and Chairman of Microchip, said, “We are disappointed that difficult semiconductor industry and financial market conditions have resulted in ON Semiconductor withdrawing from our joint proposal to acquire Atmel. As a result of ON Semiconductor’s withdrawal, Microchip must also withdraw its $5 per share offer for Atmel. However, Microchip intends to evaluate its potential alternatives for pursuing a transaction without ON Semiconductor.”
Microchip Technology Incorporated, together with its subsidiaries, engages in the development, manufacture, and sale of specialized semiconductor products for various embedded control applications.
ON Semiconductor Corporation engages in the design, manufacture, and marketing of power and data management semiconductors, and standard semiconductor components worldwide.
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