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Atmel Merger Odd, But Proves Mergers Still Possible (ATML, MCHP, ONNN)
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Atmel Corporation (NASDAQ: ATML) is going to be trading up big this morning. Shares are currently halted on the news that Microchip Technology Incorporated (NASDAQ: MCHP) and ON Semiconductor Corporation (NASDAQ: ONNN) have sent a proposal to Atmel to acquire the company for $5.00 per share in cash.
This is roughly a premium of 52% to yesterday’s closing price of $3.28and is at the higher end of the $2.83 to $5.83 trading range of thelast 52-weeks. It also tallies the company up to a value of about $2.3billion.
Microchip is leading this acquisition and the deal will be partlyfinanced by the sale of Atmel’s nonvolatile memory and radio frequencyand automotive units to ON Semiconductor.
This is a very different merger when you consider how it is beingconducted. But it also shows and proves that mergers can come even inthe most volatile or questionable economic times.
Jon C. Ogg
October 2, 2008
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