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Prodej firmy Atmel
6. října 2008 | Pandatron | Prodej firmy Atmel | Komentářů: 5  

Prodej firmy Atmel

V posledních dnech proběhla světem řada tiskových zpráv a prohlášení o návrhu na koupi firmy Atmel. Jak to tedy je a co by v případě uskutečnění obchodu následovalo?

Po několika neúspěšných jednáních společnosti Microchip Technology Incorporated’s (“Microchip”) se společností Atmel Corporation (“Atmel”) uskutečněných letos v létě, Microchip rozšířil svou nabídku. Spojil své síly se společností ON Semiconductor Corporation’s (“ON Semiconductor”) a dne 2.10. 2008 uveřejnil svou novou nabídku, ve které společnosti Atmel nabízí rovných 5,00 USD za jednu akcii. Tato cena je o více než 52% vyšší, než je aktuální prodejní cena akcií společnosti Atmel (ze dne 1.10. 2008) a jedná se o částku 2,3 miliard USD.

Nabídka počítá s prodejem výrobních částí společnosti Atmel a to konktrétně nonvolatile pamětí, RF produktů a části pro automobilový průmysl společnosti ON Semiconductor. Dále pak likvidací oddělení ASIC a tím pravděpodobně i celé výroby 8 - 32b procesorů .

V dopisu odeslaném společnosti Atmel je dále zmíňka o jejím nízkém podílu na trhu, zadluženosti a celkově nízké ceně akcií. Pro zájemce uvádím celé znění dopisu:

October 1, 2008

Board of Directors
Atmel Corporation
2325 Orchard Parkway
San Jose, CA 95131

Attention: Steven Laub, President and Chief Executive Officer

Dear Steven:

We appreciate your having taken the time to meet with Steve Sanghi on September 5th to discuss Microchip’s potential acquisition of Atmel. However, we were deeply disappointed to learn subsequently that the Atmel Board of Directors appears unwilling to consider a transaction at this time under any circumstances. Given your apparent refusal to engage in transaction discussions, we are writing to you to formally propose an acquisition of Atmel for $5.00 per share in cash. The acquisition would be led by Microchip and financed in part by the sale of Atmel’s nonvolatile memory and RF and automotive businesses to ON Semiconductor.

Our Offer Would Provide A Significant and Immediate Premium for Atmel Stockholders

We believe that this offer, which represents a 52.4% premium over Atmel’s closing share price on October 1, 2008, is simply too compelling not to bring to your shareholders. Although we have a preference to effect a cash transaction, should you feel your stockholders would prefer a form of consideration other than cash, we would consider including common stock as a portion of the consideration.

This offer is full and fair and would deliver to your stockholders CY2008 EBIT and CY2008 P/E multiples of 19x and 28x, respectively, based on Wall Street estimates (multiples exclude approximately $60 million of restructuring charges and approximately $25 million of stock based compensation). It offers your stockholders an extremely attractive return based on these and other relevant financial metrics, especially when weighed against the challenges in creating shareholder value that Atmel will face if it continues on a standalone basis. The transformation plan that Atmel adopted a year and a half ago in the face of a proxy contest brought by its founder is incomplete and continues to face significant execution risks and obstacles:

• Continued Burden of Lagging and Sub-scale Operating Segments – Atmel has reiterated frequently that the core tenant of its transformation plan is refocusing its resources on its microcontroller business; however, Atmel’s underperforming ASIC and Auto businesses today remain very significant within the company’s overall business. These Atmel segments are significantly below the scale that is necessary for success and they will continue to be a heavy anchor on Atmel’s future operating results.

• Considerable Execution Challenges – Although Atmel has made some progress to date in disposing of unproductive fab assets and achieved modest improvements in operating results under its previously announced plan, the likelihood and timing of successfully executing on the plan is uncertain at best. Disposal of unneeded fabs is only the first part of what has been, and will continue to be, a lengthy and difficult strategic shift for Atmel. For example, even with the changes Atmel has completed to date, the operating margin for its microcontroller business is significantly lagging industry leaders such as Microchip.

• Deteriorating Macroeconomic Environment – Even in a stable or growing economic environment, successful execution of the company’s announced plan is fraught with uncertainty. Against this background of significant execution risk, however, you confront a rapidly deteriorating U.S. and global macroeconomic environment that will magnify these risks and increase the likelihood of failure.

• Lagging Stock Price – Even with the changes Atmel has announced in connection with its current business plan and the actions it has taken to date, your stockholders have seen a 46% decline in the value of their shares in the last two years. Both the stocks of Microchip and ON Semiconductor, as well as the overall Nasdaq and SOXX indices, have performed better than Atmel’s during this two year period.

We believe your stockholders are aware of, and fully appreciate, these risks and challenges confronting Atmel’s current course and will find the certain value we are offering for their shares to be an attractive alternative to the otherwise uncertain future facing Atmel.

Contemplated Transaction

As the lead participant, Microchip would acquire Atmel in a cash merger (subject to Atmel’s potential desire for some common stock). The transaction would be financed with a combination of cash from Microchip and proceeds from the sale of certain Atmel assets to ON Semiconductor. With respect to the latter, ON Semiconductor would acquire the assets related to Atmel’s nonvolatile memory and RF and automotive businesses immediately prior to the merger closing. ON Semiconductor would finance its purchase using a combination of existing cash resources, borrowings under its existing credit facility and additional financing.

Although not a condition to our offer, Microchip intends to dispose of Atmel’s ASIC business upon completing the acquisition or shortly thereafter. Microchip is confident that it could divest the business and has engaged recently in discussions with a third party who has expressed interest in acquiring it.

Compelling Business Rationale that will Benefit Customers and Business Partners

It is clear that your businesses would thrive inside Microchip and ON Semiconductor. Microchip is a leading provider of microcontrollers and analog semiconductors, having posted industry-leading financial results and superior shareholder returns. Microchip has a proven reputation for providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide spanning the automotive, communications, computing, consumer and industrial control markets. And ON Semiconductor is a leader in analog and mixed signal technology and design, with a focus on driving shareholder returns through strong margins and superior cash flow. ON Semiconductor is well-positioned as a preferred supplier of efficient power solutions to customers in the power supply, automotive, communication, computer, digital and consumer, medial, industrial and military/aerospace markets, with recognized excellence in sales and marketing, supply chain management and world class, high volume, cost effective manufacturing.

Your customers and business partners will benefit from a more complete, robust and competitive product offering from a combined company that is better positioned to deliver high-quality design components immediately as well as technology road maps and innovative solutions to help them stay ahead of tomorrow’s design trends.

Attractive Opportunity for Atmel’s Talented Employee Base

We also believe the transaction we are proposing represents a uniquely attractive opportunity for Atmel’s employees to join with companies better able to respond to marketplace challenges and compete successfully over the long-term. We have the highest respect for the quality of Atmel’s work-force and its culture of innovation. A significant portion of the transaction value is represented by the talented employees that would continue to work for our companies going forward. We are therefore ready to discuss with you the best way to structure incentives to retain and motivate your key talent following the transaction.

Prepared to Engage in Meaningful Discussions Promptly

We have dedicated significant time and resources in evaluating the merits and risks of this transaction and are confident that it can be consummated expeditiously in partnership with your team. We have reviewed the transaction with our respective counsel and are confident that the transaction will receive all necessary regulatory approvals. Although we have completed extensive due diligence based on publicly available information, our proposal is of course subject to customary due diligence, as well as the negotiation of definitive transaction agreements (including with respect to ON Semiconductor’s additional financing) and the satisfaction of customary conditions to be set forth in such agreements. We have retained J.P. Morgan to act as our financial advisor and Simpson Thacher & Bartlett LLP and DLA Piper as legal advisors. We and our advisors are available to meet with you immediately to discuss the terms of our proposal and to commence due diligence and the negotiation of definitive documentation for the transaction.

We believe now is the right time to pursue the transaction, and we are committed to moving forward on an expedited basis. Considering the substantial premium and other compelling benefits of this proposal, we are confident that, given the opportunity, Atmel’s stockholders and your other stakeholders will enthusiastically support this offer. In light of the foregoing, we ask that you engage us in a meaningful and productive discussion about this proposal promptly and with a sense of urgency. We remain available to meet with you further to continue to discuss the value creation opportunity that the potential transaction represents. We look forward to your prompt response.


Steven Sanghi
President, Chief Executive Officer and Chairman of the Board
Microchip Technology Incorporated

Keith Jackson
President and Chief Executive Officer
ON Semiconductor Corporation

Dále dne 2.10. 2008 proběhla videokonference na toto téma, jejíž záznam je k přehrání zde:

Conference Call re: Proposed Atmel Acquisition

Společnost Atmel se však zatím k nabídce nijak nevyjádřila a proto budeme situaci i nadále sledovat.

Použitá literatura:
Tiskové zprávy společností Microchip, ON Semiconductor a Atmel

Odkazy & Download:
Atmel - Atmel Announces Sale of Manufacturing Operation in Heilbronn, Germany
On Semiconductor - Microchip Technology and ON Semiconductor Propose to Aquire Atmel For $5.00 Per Share in Cash
Atmel - Atmel to Review Unsolicited Proposal from Microchip and ON Semiconductor
Microchip - Conference Call re: Proposed Atmel Acquisition (video)
Microchip - View Steve Sanghi's Fiscal Year 2008 "Letter to Shareholders" Video (video)
Microchip - Investor Relations

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