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ON CEO Keith Jackson said, "While we believe that Atmel'a nonvolatile memory and RF and automotive businesses woulxd be an attractivestrategic acquisition, we have decide d to withdraw from the proposalk due to the unforeseen deterioration in the semiconductoer market since we announced our proposakl as well as the unprecedented weakness in the financial Microchip and ON Semi just last week had stepped up theirr $2.3 billion takeover attempt of Atmel, saying they would nominate a dissident slate of directors for the chip maker's board. Atmel rejected an unsolicited by Ariz.-based Microchip and Phoenix-based ON Semi in saying it undervaluedthe company.
The offee was a 52 percent premiumon Atmel's shares price at the time. The company'se shares opened trading Tuesday down more than 20 percenrat $3.05. San Jose-based Atmel has been embroiled in fights for control sincse last year when it fired founderGeorge Perlegos, who later waged an unsuccessful proxy fight to resumw control.
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