Microchip Gets Antitrust Clearance In U.S. And Germany In Deal To Buy Micrel

(RTTNews) - Microchip Technology Inc. (MCHP) announced, in connection with the previously announced definitive agreement under which Microchip will acquire Micrel Inc. (MCRL), the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, had expired on June 15, 2015, and the Federal Cartel Office in Germany had cleared the transaction on June 17, 2015.

There is no further antitrust clearance required for closure of the transaction. Completion of the merger remains subject to certain other closing conditions, including approval by Micrel shareholders of the merger. The special meeting of Micrel shareholders to approve the merger has not yet been set.

Microchip continues to expect that the transaction will close in the third calendar quarter of 2015.

In May, Microchip said that it agreed to buy Micrel for $14.00 per share. The acquisition price represented a total equity value of about $839 million, and a total enterprise value of about $744 million, after excluding Micrel's cash and investments on its balance sheet of about $95 million.