Atmel CEO Steve Laub told employees of the San Jose chip maker that its board has agreed to ask shareholders to approve a “one-time” stock option exchange program at its annual meeting scheduled for May 20 that would commence sometime within 12 months following the vote.
“(L)ike many other companies in the technology industry, (Atmel) has recently experienced Read the rest of this entry »
Atmel (Nasdaq:ATML) said late Wednesday that its board of directors decided to turn down an unsolicited proposal from Microchip Technology (Nasdaq: MCHP) and ON Semiconductor (Nasdaq: ONNN) to buy it for $5 a share, saying the offer is “inadequate in multiple respects, including value, conditionality and complexity, and is not in the best interests of Atmel’s stockholders.”
Atmel Chief Executive Steve Laub wrote in a letter addressed to Steven Sanghi, Microchip’s chairman and chief executive, and Keith Jackson, ON Semiconductor’s CEO, that Atmel’s board had, “concluded that your proposal is inadequate in multiple respects, saying it “significantly undervalues” Atmel, is “unacceptably conditional” and subject to “significant execution risk”.
Laub then took his counterparts to task, writing: Read the rest of this entry »
For Atmel (ticker:ATML), 2007 probably won’t be a year to remember. Revenues were down slightly from 2006. Profits were up a bit. And on Tuesday, the stock closed at $3.24 per share, off its 52-week high of $6.08.
Steven Laub, president and CEO of Atmel, need not despair. Laub joined the company in August 2006, and so 2007 marked the first full year under his tenure. According to a proxy filed on Tuesday, the board gave him a pay package worth $5.57 million, including a cash bonus of $968,333.
Why? Read the rest of this entry »
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