Atmel has received an unsolicited acquisition proposal from Microchip Technology. The company says that this represents a ‘Company Superior Proposal’, and that it will terminate its merger agreement with Dialog Semiconductor (Dialog to Buy Atmel) to accept Microchip’s offer.
Dialog has said that it will not revise its own offer for Atmel. The company has decided to waive the remainder of the four business day notice period, to which it is entitled.
Upon termination of the merger agreement between the companies, Atmel will need to pay Dialog a $137.3 million termination fee.
