Dialog Shareholders Back $4.6 Billion Atmel Acquisition - Update
November 19 2015 - 10:44AM
Dow Jones News
By Natascha Divac and Eyk Henning
FRANKFURT-- Dialog Semiconductor PLC said Thursday its
shareholders voted in favor of the company's planned $4.6 billion
acquisition of U.S. peer Atmel Corp.
Almost 62% of Dialog's shareholders voted to approve the
takeover--well above the 50% threshold needed to see the deal
through.
In September, Dialog proposed to take over San Jose,
Calif.-based Atmel, which is best known for chips called
microcontrollers that provide computing power for many kinds of
consumer and business hardware. U.K.-based Dialog said the deal
will help the company reduce dependence on a few smartphone
makers.
Despite support for the deal, activist hedge fund Elliott
Management earlier this month reiterated its opposition to the
takeover which it considered too pricey.
"Elliott is disappointed that the Atmel transaction has been
approved," it said in a statement Thursday.
"We believe it is now incumbent on Dialog management to deliver
on its assertion that this is a value-creative transaction and
attempt to win over the substantial percentage of their
shareholders who voted against the deal and felt it was ill
conceived."
Dialog, which was spun off from German luxury-car maker
Daimler-Benz AG in 1999, sells chips used to manage power in
high-end smartphones, including those made by Apple Inc., in
September announced it reached an agreement to buy San Jose,
Calif.-based Atmel. Atmel is best known for chips called
microcontrollers that provide computing power for many kinds of
consumer and business hardware.
The transaction remains subject to approval of Atmel's
stockholders and other customary conditions. Atmel and Dialog still
expect the transaction to be completed during the first quarter of
2016.
Write to Natascha Divac at natascha.divac@wsj.com and Eyk
Henning at eyk.henning@wsj.com
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(END) Dow Jones Newswires
November 19, 2015 10:29 ET (15:29 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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