Cypress Semiconductor Walks Away from Atmel Acquisition
September 28 2015 - 3:10PM
Dow Jones News
Cypress Semiconductor Corp. on Monday said it was no longer
interested in buying fellow chip maker Atmel Corp., which has
received a buyout offer from Dialog Semiconductor PLC.
U.K.-based Cypress confirmed it had made an offer for the San
Jose, Calif.-based Atmel but said the offer had expired and it had
"withdrawn its interest" in the chip maker.
Dialog Semiconductor, also based in the U.K., made a $4.6
billion cash and stock bid earlier this month. The deal is expected
to close in the first quarter of 2016.
Atmel, best known for chips called microcontrollers that offer
computer power for consumer and business hardware, had signaled a
possible sale when it postponed its chief executive's retirement
date to oversee a review of operations. Chief Executive Steven
Laub, who's led the company since 2006, had said in May he planned
to retire on Aug. 31. As of Sept. 1, Mr. Laub remains chief
executive on an at-will basis for an indefinite period.
Atmel's shares, which set a 52-week-low of $5.84 on Aug. 24 when
it announced the operational review, were down to $8.04 in recent
trading.
Meanwhile, Cypress' stock traded at $8.52 a share on Monday,
down 40% this year.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 14:55 ET (18:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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