Microchip Technology Inc, Chandler, Ariz, and ON Semiconductor Corp, Phoenix, have offered to purchase Atmel Corp, San Jose, Calif for $5 per share.
ON Semiconductor is a major supplier of hearing aid ICs.
The proposal, which is being led by Microchip, provides a premium of 52.4% to Atmel’s closing price of $3.28 on October 1, and values Atmel at $2.3 billion.
