UK-based chipmaker Dialog Semiconductor plc’s board of directors has determined not to revise its proposal to acquire US-based microcontroller and touch solutions specialist Atmel Corp., the company said.
On 13 January 2016, Atmel published that it had determined that the unsolicited acquisition proposal received from Microchip Technology Inc. constitutes a “company Superior Proposal” and that it intends to terminate its merger agreement with Dialog to accept Microchip’s proposal. Dialog will inform Atmel that it will waive the remainder of the four business day notice period to which Dialog is entitled under its merger agreement with Atmel.
Upon termination of the merger agreement by Atmel to accept Microchip’s proposal, Atmel is required to pay Dialog a $137.3M termination fee.
Dialog provides highly integrated standard and custom mixed-signal integrated circuits, optimised for smartphone, tablet, IoT, LED Solid State Lighting and Smart Home applications.