Faced with a rejection of their $2.3 billion bid for Atmel Corp., Microchip Technology Inc. and ON Semiconductor Corp. said simply they are “disappointed.”
In a joint announcement Thursday, the two Arizona technology companies said will consult with their respective boards and advisers to determine their next steps.
In a letter sent Wednesday, Atmel President and CEO Steven Laub said the company’s board believes the unsolicited proposal undervalues the company in a number of respects.
Microchip (Nasdaq:MCHP) and ON (Nasdaq:ONNN) submitted the offer earlier this month of about $5 per share. At that time they said a hostile bid might be on the table for the Silicon Valley company.
Is this their "Final Offer" ? ? ?