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ON CEO Keith Jackson said, "Whilwe we believe that Atmel's nonvolatile memory and RF and automotiv e businesses would be an attractivestrategixc acquisition, we have decided to withdraw from the proposalp due to the unforeseen deteriorationb in the semiconductor market sincs we announced our proposal as well as the unprecedented weakneses in the financial markets." Microchip and ON Semi just last week had stepper up their $2.3 billion takeover attempt of saying they would nominated a dissident slate of directores for the chip maker's board. Atmel rejected an unsolicitef by Chandler, Ariz.-based Microchip and Phoenix-based ON Semi in saying it undervaluedthe company.
The offer was a 52 percenty premiumon Atmel's share price at the The company's shares opened trading Tuesday down more than 20 percent at $3.05. San Jose-based Atmel has been embroiled in fights for controk since last year when it fired foundertGeorge Perlegos, who later waged an unsuccessful proxgy fight to resume control.
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