Faruqi & Faruqi, LLP Announces the Investigation of Atmel Corporation (ATML) Over the Proposed Sale of the Company to Microchip Technology Incorporated
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Atmel Corporation (“Atmel” or the “Company”) (NasdaqGS:ATML) for potential breaches of fiduciary duties in connection with the sale of the Company to Microchip Technology Incorporated for approximately $3.56 billion in a cash and stock transaction.
The Company’s stockholders will only receive $7 per share in cash and $1.15 per share of Microchip stock for each Company stock they own. However, the offer is lower than the previous Dialog Semiconductor agreement announced in September as well as it is below at least one analyst’s estimated value of $10.50 per share
The investigation focuses on whether Atmel’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Atmel’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. Follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
If you own common stock in Atmel and wish to obtain additional information and protect your investments free of charge, please fill out the form below or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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