EXHIBIT 99.1
Published on February 10, 2009
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EXHIBIT
99.1
NEWS
RELEASE
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INVESTOR
RELATIONS CONTACTS:
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J.
Eric Bjornholt – CFO
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(480)
792-7804
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Gordon
Parnell – Vice President of Business Development
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and Investor
Relations
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(480)
792-7374
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MICROCHIP
TECHNOLOGY TERMINATES CONSIDERATION
OF
POTENTIAL ACQUISITION OF ATMEL
CHANDLER, Arizona – February 10, 2009 –
(NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of
microcontroller and analog semiconductors, today announced that it is
terminating its consideration of a potential transaction with Atmel Corporation
(NASDAQ: ATML) and is withdrawing the slate of directors it had nominated
previously for election at Atmel’s next annual meeting of
shareholders.
“The
global economy and the semiconductor business environment have deteriorated
significantly since Microchip first made an offer of $5 per share on October 1,
2008. Based on actual results and Atmel’s first quarter 2009
guidance, Atmel’s revenue will have declined more than 30% since then and the
company is expected to lose money. In light of the economic
uncertainty and the lack of visibility that continues to exist with respect to
Atmel’s business, Microchip is no longer able to put a value on
Atmel. Microchip will therefore terminate consideration of a
potential acquisition of Atmel,” said Steve Sanghi, President, CEO and Chairman
of Microchip.
Microchip
Technology Incorporated is a leading provider of microcontroller and analog
semiconductors, providing low-risk product development, lower total system cost
and faster time to market for thousands of diverse customer applications
worldwide. Headquartered in Chandler, Arizona, Microchip offers
outstanding technical support along with dependable delivery and
quality. For more information, visit the Microchip Web site at
www.microchip.com.
The
Microchip name and logo are registered trademarks of Microchip Technology
Incorporated
in the
U.S.A and in other countries.
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Microchip
Technology Incorporated 2355 West Chandler Blvd. Chandler, AZ
85224-6199 Main Office 480•792•7200 FAX
480•899•9210