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Microchip Wins Atmel Bidding War

In December, Microchip made an unsolicited offer to acquire Atmel for $8.15 per share, or roughly $3.8 billion. Atmel agreed in September to be acquired by Dialog in a cash and stock deal that was originally valued at $4.6 billion. However, the offer’s value has declined along with Dialog’s share price.

Atmel said this week that it notified Dialog’s board of directors that it intends to terminate the deal. Atmel said it would consider a counter offer from Dialog, but Dialog said in a statement that it is not going to revise its proposal.

“We have concluded that it is not in the best interests of our shareholders to increase the offer price for Atmel,” said Jalal Bagherli, Dialog’s CEO. “We believed the acquisition was the right strategic decision for us, and we are disappointed that it did not come to fruition.”

"Also this week, Atmel reported its preliminary results for the fourth quarter of 2015. The company said revenue for the quarter was roughly $261 million to $262 million, falling short of the firm’s estimate that revenue for the quarter would be between $266 million and $286 million. Atmel blamed the short fall on weaker than expected billings, primarily in Asia, as distributors reduced inventory levels due to uncertainties associated with the acquisition process."

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