Dialog Semiconductor Determines Not To Revise Its Proposal To Acquire Atmel

(RTTNews) - Dialog Semiconductor plc (DLGNF.PK, DLGS) said that its board has determined not to revise its proposal to acquire Atmel Corp. (ATML).

On January 13, 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 said it 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 $137.3 million termination fee.