CHANDLER, Ariz., April 1, 2016 /PRNewswire/ -- Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, today announced that the Atmel stockholders have overwhelmingly approved the merger agreement with Microchip and that Microchip expects to close the merger on Monday, April 4, 2016. Stockholders of Atmel holding approximately 98.6% of the Atmel shares present at the meeting voted in favor of the merger.
Microchip also announced that the average closing price of Microchip common stock based on the ten trading days ending on April 1, 2016 was $48.439 per share and, based on such price and the terms of the merger agreement, Microchip will issue a total of approximately 10.1 million shares to the stockholders of Atmel in the transaction with each share of Atmel common stock being exchanged for $7.00 per share in cash and $1.15 of Microchip common stock.
Microchip management will host a conference call at 3:00 PM PDT (6:00 PM EDT) on Monday, April 4, 2016 following the closing of the merger. On this call, Microchip will provide information about the expected financial results for Atmel for the quarter ended March 31, 2016 that analysts and investors should find useful in modeling the results of Microchip following the closing. Thus, analysts and investors may want to hold off incorporating Atmel's results with Microchip's financial model until after the conference call. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until April 11, 2016.
A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on April 4, 2016 and will remain available until 8:00 p.m. (Eastern Time) on April 11, 2016. Interested parties may listen to the replay by dialing 719-457-0820 and entering access code 5614017.
Certain statements in this release, including those relating to the expected closing date of the merger and modeling the results of Microchip following the closing, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of business, economic, legal and other risks that are inherently uncertain and difficult to predict, including, but not limited to: the actual timing of the closing of the acquisition, the satisfaction of the conditions to closing in the acquisition agreement, any termination of the acquisition agreement, the costs and outcome of any current or future litigation involving Microchip, Atmel or the acquisition transaction; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to the SEC filings of Microchip and Atmel including those on Forms 10-K, 10-Q and 8-K.
You can obtain copies of such filings and other relevant documents for free at Microchip's website (www.microchip.com), at Atmel's website (www.atmel.com) (as applicable) or the SEC's website (www.sec.gov) or from commercial document retrieval services.
Stockholders are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date such statements are made. Neither Microchip nor Atmel undertakes any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this April 1, 2016 press release, or to reflect the occurrence of unanticipated events.
About Microchip Technology
Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.
Atmel Corporation (NASDAQ: ATML) is a worldwide leader in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with intelligent and connected solutions focused on the industrial, automotive, consumer, communications and computing markets. For more information, visit the Atmel website at www.atmel.com.
Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries. All other trademarks mentioned herein are the property of their respective companies.
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SOURCE Microchip Technology Incorporated