Mergers and Acquistions News
Categories: Semi-Conductors
November 14th 2008, 16:27PM
Microchip Technology is set to nominate candidates to join the board of Atmel after having a takeover bid for the firm rejected.
According to Microchip, it will make its selections and submit them to Atmel before its annual meeting, reports the Financial Times.
The company and its partner On Semiconductor are persisting with their $5 (£3) a share bid for Amtel, despite being rebuffed.
Amtel believes the proposal to be "unacceptably conditional" and also "subject to significant execution risk", the news provider states.
Hostile bids seem to be coming increasingly popular in recent times, with Dealogic reporting 16 unfriendly proposals being made this year.
Perhaps the most notable of these is Microsoft's unsuccessful bid for Yahoo!.
Earlier this week, David Mitchell, spokesperson for analytical firm Ovum, stated that merger and acquisition activity in the technology sector is set to continue.
Writing for IT Brief he predicted that UK firms worth around £5 million will be a particular target in the coming months.
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