SAN JOSE, Calif., Oct. 2 /PRNewswire/ -- SAN JOSE, Calif., Oct. 2 /PRNewswire-FirstCall/ -- Atmel(R) Corporation (NASDAQ: ATML) today confirmed that it has received an unsolicited proposal from Microchip Technology Inc. (NASDAQ: MCHP) and ON Semiconductor (NASDAQ: ONNN) to engage in negotiations for a three-way agreement to acquire Atmel at $5.00 per share, subject to conditions, including the sale of assets, due diligence, and financing. Atmel's Board of Directors, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will review and consider the proposal in due course.

Morgan Stanley and Credit Suisse are serving as financial advisors, and Wachtell, Lipton Rosen & Katz is serving as legal counsel to Atmel.

About Atmel

Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.

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