FTC happy with Microchip Technology's acquisition of Atmel Corporation
The German Federal Cartel Office cleared the transaction on February 25, 2016. The Korea Fair Trade Commission (KFTC) continues to review the transaction, and Microchip anticipates receiving approval from the KFTC. Other than the foregoing approvals, there is no further antitrust clearance required for completion of the transaction.
The transaction is currently undergoing review from the French Ministry regarding certain French ISS and defense business matters.
Completion of the merger remains subject to certain closing conditions, including approval by Atmel stockholders. The special meeting of Atmel stockholder to consider approval of the merger is scheduled April 1, 2016.
Microchip Technology Incorporated announced in January that it has signed a definitive agreement to acquire Atmel Corporation for $8.15 per share in a combination of cash and Microchip common stock. ■