Mergers and Acquistions News
Categories: Semi-Conductors
October 3rd 2008, 16:40PM
A joint offer for a takeover of Atmel Corp has been made by Microchip Technology and ON Semiconductor Corp.
The Guardian reports the proposal by the two chipmakers to purchase their rival for $2.3 billion.
Joining together the products they make, which are compatible, could help to combat slowness in the semiconductor market.
Microchip Technology and ON Semiconductor Corp said they would consider altering the takeover proposal, which is currently all-cash, to include stock if Atmel shareholders wish.
Atmel has said it will consider the offer in "due course", while the Microchip and ON Semi heads remain keen.
A source close to Atmel told the Guardian that the company's board had not received the formal offer before Wednesday.
Semiconductor manufacturer Atmel was created in 1984.
It caters for a range of customers, including consumer, military, automotive, aerospace and medical.
In addition, it is an industry leader in secure systems, particularly the market for smart cards.
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