NEW YORK, Jan. 21, 2016 /PRNewswire/ -- The fairness of the
proposed acquisition of Atmel Corporation ("ATML" or the "Company")
by Microchip Technology Inc. ("Microchip") is the subject of an
examination by WeissLaw LLP for possible breaches fiduciary duties
and other violations of law. On January 13,
2016, the Company announced that it had received an offer
from Microchip to acquire all outstanding shares of ATML for
$7.00 in cash and a fraction of a
share of Microchip valued at $1.15;
representing a total consideration of $8.15 per ATML share.
WeissLaw is investigating whether ATML's Board acted to maximize
shareholder value prior to entering into the agreement with
Microchip. Notably, at least one analyst set a target price of
$10.50, or $2.35 above the offer price. Additionally, ATML
shares traded for $9.02 as recently
as December of 2015. Further, the offer price represents a
mere 6% premium over ATML's January 12,
2016 closing price of $7.68,
which is significantly below the recommended 20%-30%
range.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell ATML and whether ATML's Board acted in
the best interests of ATML's public shareholders by actively
shopping the Company to maximize shareholder value prior to
entering into the agreement with Microchip. If you own ATML shares
and would like more information about your rights or our
investigation, please contact Joshua
Rubin or Kelly Keenan either
by telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal advice
concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially
misleading information), consumer fraud (including false
advertising, defective products, or other deceptive business
practices), or anti-trust violations, please email us at
stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP