On Semiconductor Bulls Out Of Atmel Deal
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[November 18, 2008]

On Semiconductor Bulls Out Of Atmel Deal

Nov 19, 2008 (financialwire.net via COMTEX) --
November 18, 2008 (FinancialWire) -- On Semiconductor Corp. (NASDAQ: ONNN) (Current Market Cap: US$1.29 Bil.) said that it is withdrawing from its joint proposal with Microchip Technology Inc. (NASDAQ: MCHP) to acquire Atmel Corp. (NASDAQ: ATML) due to what it terms, "the unforeseen deterioration in the semiconductor market since we announced our proposal as well as the unprecedented weakness in the financial markets."



Company CEO Keith Jackson said that, while On believes that Atmel's Nonvolatile Memory and RF and Automotive businesses "would be an attractive strategic acquisition," on decided to withdraw from the proposal due to the above mentioned conditions.

Microchip CEO Steve Sanghi said "As a result of On Semiconductor's withdrawal, Microchip must also withdraw its $5 per share offer for Atmel." He added that Microchip plans to evaluate its potential alternatives for pursuing a transaction without On's participation.



Phoenix-based On Semiconductor is a supplier of silicon solutions to customers in the power supply, automotive, communication, computer, consumer, medical, industrial, mobile phone, and military and aerospace markets. The company's portfolio includes power, analog, DSP, mixed-signal, advance logic, clock management, non-volatile memory and standard component devices.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net

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