Atmel Shares Up on Acquisition Offer
biz.yahoo.com
Monday May 22, 12:11 pm ET
Shares of Atmel Rise After Shareholder Announces Potential Bid, Atmel Says Not Interested
NEW YORK (AP) -- Shares of Atmel Corp. jumped Monday, after one of its shareholders announced its interest in acquiring the semiconductor maker, despite Atmel's refusal.
Atmel shares rose 38 cents, or 8.7 percent, to $4.76 in morning trading on the Nasdaq, after reaching as high as $5.01 earlier in the day. Over the past year, Atmel shares have traded between $1.97 and $5.71 per share.
RDG Capital LLC, an Atmel shareholder through an affiliate since May 2005, said it expressed interest last week in acquiring all of Atmel's outstanding shares for $5.50 per share in cash and stock, subject to customary shareholder, board and regulatory approval.
Based on the company's 486.8 million outstanding shares as of April 30, the deal would be worth about $2.7 billion, RDG said.
But RDG said Atmel officials responded in a letter, saying they believe their company is better off as a public company. |
