Actionable news
0
All posts from Actionable news
Actionable news in ATML: Atmel Corporation,

Completion of Acquisition or Disposition of

Effective Time

), Merger Sub merged with and into Atmel, with Atmel as the surviving corporation (the

Merger

). At the Effective Time,

(a)

each share of Atmel common stock that was issued and outstanding immediately prior to the consummation of the Merger (except for Atmel common stock held by Microchip, Atmel and their respective subsidiaries and except for dissenting shares) was canceled and converted into the right to receive (i) $7.00 in cash in United States dollars, without interest, (ii) 0.0237 shares of Microchip common stock (clauses (i) and (ii) together, the

Merger Consideration

), and (iii) cash in lieu of fractional shares of Microchip common stock; and

(b)

each outstanding restricted stock unit, deferred stock unit, performance-based restricted stock unit or similar right with respect to Atmel common stock (including performance share awards denominated in restricted stock units) (each, an

Atmel Unit

) that was held by an individual who continued in service with Microchip at the Effective Time was assumed by Microchip and converted into equivalent awards in respect of shares of Microchip common stock using a customary exchange ratio intended to provide value in respect of the Atmel Unit equivalent to the Merger Consideration as of the Effective Time.

Each outstanding option to purchase shares of Atmel common stock (each, an

Atmel Option

), whether vested or not, was accelerated and became vested and exercisable in full contingent on the occurrence of the Effective Time. Atmel Options that were not exercised voluntarily were automatically net-exercised, and the former holders of those Atmel Options were issued the net number of shares of Atmel common stock resulting from the net exercise, and the former holders of those Atmel Options are entitled to receive the Merger Consideration in respect of these shares of Atmel common stock. All Atmel Options with an exercise price greater than the Merger Consideration were cancelled at the Effective Time for no consideration. No former Atmel Options remain outstanding.

A total of...


More