From the ON Semiconductor website:
ON Semiconductor Withdraws from Proposal to Acquire Atmel
Microchip Intends to Evaluate its Potential Alternatives following ON
Semiconductor’s Withdrawal
Phoenix and Chandler, Arizona, November 18, 2008 – ON Semiconductor
Corporation (NASDAQ: ONNN) today announced that it is withdrawing from
its joint proposal with Microchip Technology Incorporated (NASDAQ: MCHP)
to acquire Atmel Corporation (NASDAQ: ATML).
Keith Jackson, President and Chief Executive Officer of ON Semiconductor
said, “While we believe that Atmel’s Nonvolatile Memory and RF and
Automotive businesses would be an attractive strategic acquisition, we
have decided to withdraw from the proposal due to the unforeseen
deterioration in the semiconductor market since we announced our
proposal as well as the unprecedented weakness in the financial markets.”
Steve Sanghi, President, Chief Executive Officer and Chairman of
Microchip said, “We are disappointed that difficult semiconductor
industry and financial market conditions have resulted in ON
Semiconductor withdrawing from our joint proposal to acquire Atmel. As a
result of ON Semiconductor’s withdrawal, Microchip must also withdraw
its $5 per share offer for Atmel. However, Microchip intends to evaluate
its potential alternatives for pursuing a transaction without ON
Semiconductor.”