Cypress Semiconductor Corp. on Monday said it was no longer interested in buying fellow chip maker Atmel Corp., which has received a buyout offer from Dialog Semiconductor PLC.

U.K.-based Cypress confirmed it had made an offer for the San Jose, Calif.-based Atmel but said the offer had expired and it had "withdrawn its interest" in the chip maker.

Dialog Semiconductor, also based in the U.K., made a $4.6 billion cash and stock bid earlier this month. The deal is expected to close in the first quarter of 2016.

Atmel, best known for chips called microcontrollers that offer computer power for consumer and business hardware, had signaled a possible sale when it postponed its chief executive's retirement date to oversee a review of operations. Chief Executive Steven Laub, who's led the company since 2006, had said in May he planned to retire on Aug. 31. As of Sept. 1, Mr. Laub remains chief executive on an at-will basis for an indefinite period.

Atmel's shares, which set a 52-week-low of $5.84 on Aug. 24 when it announced the operational review, were down to $8.04 in recent trading.

Meanwhile, Cypress' stock traded at $8.52 a share on Monday, down 40% this year.

Write to Maria Armental at maria.armental@wsj.com

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(END) Dow Jones Newswires

September 28, 2015 14:55 ET (18:55 GMT)

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