Fri, Nov. 13, 7:37 AM
Thu, Nov. 12, 5:14 AM
- Activist hedge fund Elliott has increased its stake in Dialog Semiconductor (OTC:DLGNF) to 3.6% and said it received positive feedback from co-shareholders against the acquisition of U.S. peer Atmel (NASDAQ:ATML).
- Dialog isn't taking the punches sitting down. The company's board is now claiming that Elliott's motivations "appear to be based on a short-term risk arbitrage" and noted that the activist group has a short position in Atmel, which would likely lead to a profit if the deal collapses.
- Previously: Dialog backs Atmel deal despite Elliott campaign (Nov. 11 2015)
Wed, Nov. 11, 3:10 AM
- Dialog Semiconductor (OTC:DLGNF) is sticking with its plan to buy U.S. peer Atmel (NASDAQ:ATML), rebuffing activist hedge fund Elliott, which is seeking to rally co-shareholders to vote against the acquisition.
- Looking to expand its industrial product portfolio, Dialog agreed to acquire Atmel for about $4.6B in September, but Elliott believes the deal will harm the company's value.
Mon, Nov. 9, 6:20 PM
- Elliott, which has waged many successful activist campaigns involving tech companies, argues Dialog Semi's (OTC:DLGNF) planned cash/stock purchase of Atmel (NASDAQ:ATML) is too costly, and will yield little in cost savings. The firm controls 2.9% of Dialog's voting rights.
- Shareholder advisory firm ISS came out against the Atmel deal in late October. Dialog's shares have fallen sharply since the deal was announced in September, thanks partly to Dialog's weak Q3 report.
- Atmel has fallen to $7.30 after hours. Shares are now only $0.03 above where they traded prior to the deal announcement. Dialog shareholders vote on the deal on Nov. 19.
Fri, Oct. 30, 4:39 PM
- Bloomberg reports shareholder advisory firm ISS opposes Dialog Semi's (OTC:DLGNF) cash/stock deal to acquire Atmel (NASDAQ:ATML).
- The value of the stock portion of Dialog's planned payout to Atmel took a big hit earlier this week when Dialog plunged in response to a Q3 miss and weak Q4 guidance (Apple and various chip stocks also fell).
- Based on Dialog's Friday close in Frankfurt (occurred before the ISS news), the payout to Atmel shareholders is currently equal to $8.80/share - 21% above where Atmel last traded before the deal was announced, but 16% below the deal's $10.42/share value at the time of its announcement.
- Atmel fell 3.9% in regular trading, closing at $7.60.
- Earlier: Atmel falls on strong volume
Mon, Sep. 28, 12:42 PM
- Following a Reuters report noting its interest in fellow microcontroller vendor Atmel (ATML -0.1%), Cypress Semi (CY -3.4%) admits it submitted a buyout offer to Atmel's board, but adds the offer has expired and that Cypress "has withdrawn its interest" in a deal.
- Atmel, which has agreed to cash/stock deal with Dialog Semi (OTC:DLGNF), has returned its morning gains, while Cypress (though off its lows) remains down strongly. The Nasdaq is down 2.3%.
Mon, Sep. 28, 7:51 AM
- Atmel (NASDAQ:ATML) +6.6% premarket following a Reuters report that Cypress Semiconductor (NASDAQ:CY) is working on an offer to acquire the company that agreed earlier this month to sell itself to Dialog Semiconductor (OTC:DLGNF).
- CY has told ATML it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6B when it was announced on Sept. 20, according to the report.
- A merger with ATML would be transformational for CY, which has a market capitalization of just $2.9B.
Mon, Sep. 21, 1:10 PM
- Dialog Semi (OTC:DLGNF) closed down 18.9% in Frankfurt after announcing a cash/stock deal to buy Atmel (NASDAQ:ATML). With today's selloff having cut the value of the stock component of the deal by nearly $1, Atmel is trading at $8.14, 22% below the deal's original estimated value of $10.42.
- With Dialog currently sporting a $3.2B market cap, the deal is more of a merger than an acquisition. Dialog, which supplies power management chips for the iPhone, iPad, and Apple Watch, argues Atmel will "complement its leadership position in Power Management ICs with a leading portfolio of proprietary and ARM-based Microcontrollers in addition to high performance ICs for Connectivity, Touch and Security," as well as provide new sales channels. (PR)
- Four firms have downgraded Atmel to neutral ratings. SA author Chris DeMuth Jr. thinks Texas Instruments, Analog Devices, or China Electronics (OTCPK:CEHD - previously rumored) could launch a rival bid, particularly given Dialog's selloff.
Sun, Sep. 20, 9:59 AM
- The U.K.'s Dialog Semiconductor (OTC:DLGNF) has agreed to buy U.S. rival Atmel (NASDAQ:ATML) for $4.6B in cash and stock.
- For each common share, Atmel stockholders will receive $4.65 in cash and 0.112 of a Dialog ADS, resulting in the "economic equivalent" of $10.42 per Atmel share.
- Dialog sees the transaction resulting in annual savings of $150M within two years, and expects the deal to be completed in first quarter of 2016.
- Previously: Atmel falls sharply following buyout report (Sep. 17 2015)
- Previously: China Electronics eyes Atmel acquisition (Sep. 17 2015)
Thu, Sep. 17, 7:14 AM
- China Electronics (OTCPK:CEHD) is in preliminary talks to acquire U.S.-based Atmel (NASDAQ:ATML) for about $8.50 a share, but negotiations are still underway, Bloomberg reports.
- Any sale would extend a record year for semiconductor deals, as chipmakers combine to counter slowing growth and rising costs.
- There's no guarantee a deal will get done, and talks may still fall apart.
- ATML +0.2% premarket
Tue, Aug. 25, 11:37 AM
- Atmel (NASDAQ:ATML) discloses CEO Steve Laub "agreed to a Board of Directors' request to extend his retirement date to facilitate the completion of an ongoing strategic evaluation process." Laub announced in May he'd be stepping down on Aug. 31.
- Reuters reported in June Atmel is working with i-bank Qatalyst Partners to explore a sale. Before that, FBR called the microcontroller vendor its top semi buyout candidate.
Fri, Jun. 19, 4:43 PM
- Texas Instruments (NASDAQ:TXN) could be gearing up to make the next big deal in what already has been a record-breaking year for M&A in the semiconductor industry, bankers and analysts tell Reuters.
- TXN is said to be looking for large acquisitions, and held talks to acquire Maxim Integrated Products (NASDAQ:MXIM) late last year but the company decided not to sell itself; analysts say TXN also could look at Analog Devices (NASDAQ:ADI), Linear Technology (NASDAQ:LLTC), Microchip Technology (NASDAQ:MCHP), Intersil (NASDAQ:ISIL) and Atmel (NASDAQ:ATML).
- FBR analyst Christopher believes TXN should act by the end of the year while NXP, one of its fastest growing rivals, is tied up awaiting approval for its merger with Freescale Semiconductor; TXN reportedly considered buying Freescale before NXP acquired it in March.
Mon, Jun. 8, 3:59 PM
- Reuters reports Atmel (NASDAQ:ATML) is working with i-bank Qatalyst Partners to explore a sale and other strategic options. Shares have spiked higher.
- FBR called Atmel its top semi buyout candidate last week, while citing the quality of its microcontroller portfolio and the potential for a suitor to significantly improve Atmel's margins by shifting chip production to more modern fabs.
- Speculation that Atmel will be an M&A target have been running high for a while, thanks to CEO Steve Laub's retirement plans and a blizzard of chip industry M&A over the last 18 months (including some involving microcontroller makers such as Cypress and Freescale).
Wed, May 27, 3:00 PM
- Chip stocks are posting outsized gains (SOXX +4%) amid a 1.3% increase for the Nasdaq after the WSJ reported Avago and Broadcom are in advanced merger talks, sparking hopes for further M&A.
- A Broadcom/Avago deal would be worth ~$67B at current valuations, easily making it the largest in the chip industry's breathless consolidation wave. It would also touch markets ranging from smartphones to set-tops to servers to switches/routers.
- Notable gainers include Avago RF chip peers Skyworks (SWKS +4.3%), Qorvo (QRVO +3.2%), and Anadigics (ANAD +4.9%). Others include Micron (MU +3.8%), SanDisk (SNDK +4.3%), NXP (NXPI +3.5%), Silicon Motion (SIMO +8.3%), Cirrus Logic (CRUS +4.8%), STMicroelectronics, (STM +3.4%), Synaptics (SYNA +3.4%), Atmel (ATML +2.8%), Cavium (CAVM +4.5%), Intersil (ISIL +4.6%), Semtech (SMTC +3.9%), ON Semi (ON +3.8%), Microsemi (MSCC +4.4%), and IDT (IDTI +4.2%).
- Non-chipmakers tied to the industry are also doing well. Standouts include ARM (ARMH +4.4%), Amkor (AMKR +4.6%), ASML (ASML +3.1%), and Rambus (RMBS +3.3%).
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Fri, Apr. 17, 9:17 AM
- UniPixel (NASDAQ:UNXL) is acquiring all manufacturing assets related to Atmel's (NASDAQ:ATML) XSense touch sensor ops, a rival to UniPixel's InTouch sensor line, and assuming related costs.
- UniPixel is also taking out a 5-year license (with a 10-year renewal option) on Atmel's XSense patent portfolio and other IP. Atmel will "receive minimum royalties during the initial five year term equal to $16.25 million, of which $9.33 million is being prepaid in cash at close."
- The deal comes two months after Atmel took a $26.6M charge on XSense manufacturing assets, and ahead of Atmel's May 6 Q1 report. It also follows numerous delays by UniPixel in ramping InTouch production.
- UniPixel has soared to $8.55 premarket. Atmel is unchanged.
- Update: UniPixel wound up closing down 6.9% following the news.
Mon, Mar. 2, 1:41 PM
- The Philadelphia Semi Index (SOXX +2.4%) has rallied to new highs after NXP announced it's buying microcontroller, network processor, and RF amplifier supplier Freescale for $16.7B after factoring net cash/debt, the biggest deal yet in the chip industry's ongoing consolidation wave. The Nasdaq is up 0.5%.
- Microcontroller makers are among today's big gainers - NXP/Freescale assert they'll be the world's biggest supplier of general-purpose microcontrollers. Standouts include Atmel (ATML +6%) and STMicroelectronics (STM +3.4%), as well as Cypress (CY +3.1%) and merger partner Spansion (CODE +3.2%).
- Other notable gainers include InvenSense (INVN +3.4%), Ambarella (AMBA +6.3%), Audience (ADNC +5.5%), Cirrus Logic (CRUS +3.7%), Cavium (CAVM +4.2%), ON Semi (ONNN +3.5%), Silicon Motion (SIMO +3.5%), InPhi (IPHI +3.8%), and TowerJazz (TSEM +5.5%).
- With the Mobile World Congress as a backdrop, InvenSense has unveiled a 6-axis SoC that pairs a gyroscope and acceleromoter with a motion processor and related software/algorithms; the company claims 25%-50% better power consumption than rival solutions. It has also launched a software library meant to "provide sensor-assisted positioning in places where GNSS alone cannot provide desired accuracy."
- Cavium has announced its OCTEON Fusion-M processor line for mobile base stations. The chips support up to 16 custom CPU cores running at 2GHz., and are declared by Cavium to enable "Smart Radio Heads" that can adapt to network conditions. They begin sampling in Q3.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
- Previously: Chip product launches: ARMH, EZCH, BRCM, NXPI, XLNX, IDTI
Other News & PR