Micrel makes nice after trouncing shareholder antagonist
Ray Zinn, Micrel’s president, chief executive of Micrel and single largest individual shareholder, issued a statement today that essentially said there were no hard feelings over its nasty proxy battle with Obrem Capital Management, which amassed a 14.9 percent stake in the San Jose chip maker earlier this year and then tried replace current board with one of its own choosing at Micrel’s shareholder meeting Tuesday, an effort which it reportedly lost “overwhelmingly”. Here’s what Zinn had to say:
“I am gratified by the strong support of our Board demonstrated by shareholders earlier this week and appreciate their commitment to the Company. Following the meeting, members of Micrel’s Board of Directors and I met with Andrew Rechtschaffen and Eric Gomberg of Obrem Capital Management. The meeting with Obrem management was open and friendly. Mr. Rechtschaffen indicated his intention to be a long term investor in Micrel. Both Obrem and the Board are committed to moving forward in a positive way. We look forward to continuing the productive dialogue we enjoy with all of our shareholders.”
We’ll take Zinn’s word about the “open and friendly” demeanor displayed by Obrem’s representatives. No word from them how they liked the refreshments that were served with their slices of humble pie.
1 comment
George
I worked at Micrel for a time and the company is just fine with out some one trying to take it over. It has a fantastic team sperit and great people, I have to stress the people portion of my statement because they make it happen!!
May 26, 2008