Atmel Shares Soar After Strategic Review Acknowledgment
August 25 2015 - 3:01PM
Dow Jones News
Shares of Atmel Corp. surged on Tuesday after the
microcontroller maker said Monday night that it was extending the
retirement date of its chief executive through the completion of a
"strategic evaluation process."
Atmel shares were up 16% to $7.63 in morning trading, though
they are still down 12% in the past month.
The San Jose, Calif.-based company said Steven Laub, chief
executive and president of Atmel since August 2006, had put off his
retirement to facilitate "the completion of an ongoing strategic
evaluation process," but declined to offer any further details. Mr.
Laub had previously said he would retire in August.
Atmel has been tight-lipped on the review, despite previous
media reports that indicated the company was considering a number
of options including a possible sale. Atmel didn't immediately
respond to a request for comment.
Atmel's review comes at a time when the chip space is
consolidating at a frenzied pace. Earlier this year, Avago
Technologies bought rival Broadcom Corp., while Intel Corp.
acquired Altera Corp. and NXP Semiconductors bought Freescale
Semiconductor. Chip giant Qualcomm Inc. has also said that it is
reviewing a potential split of the company.
Atmel builds small processors and other hardware for products
like smartwatches and fitness bands.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 25, 2015 14:46 ET (18:46 GMT)
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