The fairness of the proposed acquisition of Atmel Corporation (“ATML”) by Microchip Technology Inc. (“Microchip”) is the subject of an examination by WeissLaw LLP for possible breaches of fiduciary duties and other violations of law. On January 13, 2016, ATML announced that it had received an offer from Microchip to acquire all outstanding shares of ATML for $7.00 in cash and a fraction of a share of Microchip valued at $1.15; representing a total consideration of $8.15 per ATML share.
WeissLaw is investigating whether ATML’s Board acted to maximize shareholder value prior to entering into the agreement with Microchip. Notably, at least one analyst set a target price of $10.50, or $2.35 above the offer price. Additionally, ATML shares traded for $9.02 as recently as December of 2015. Further, the offer price represents a mere 6% premium over ATML’s January 12, 2016 closing price of $7.68, which is significantly below the recommended 20%-30% range.
Given these facts, WeissLaw is investigating the Board of Directors’ decision to sell ATML and whether ATML’s Board acted in the best interests of ATML’s public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Microchip. If you own ATML shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at email@example.com
from PRNewswire January 21, 2016