Microchip Technology Incorporated, provider of microcontroller, mixed-signal, analog and Flash-IP solutions, announced from its Chandler, Arizona, headquarters that it has acquired Micrel, Incorporated, with 98.95 percent of the latter’s shareholders approving the merger, effective Monday, Aug. 3.
The transaction’s completion signifies the end of Micrel’s common stock trading as of Monday, Aug. 3. Under the agreement’s terms, Micrel shareholders were given the option of receiving the $14.00 per share purchase price in cash or shares of Microchip common stock.
"We are very pleased to have completed our acquisition of Micrel," Steve Sanghi, Microchip president and CEO, said. "I welcome the Micrel employees into the Microchip family and look forward to building a combined organization that will bring the capabilities of both organizations to bear in the marketplace."
Based on shareholder election results, Microchip will pay an aggregate of approximately $430 million in cash and issue an aggregate of 8,626,795 shares of its common stock to Micrel shareholders.
Microchip Technology’s services provide low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide.
Micrel, Inc. is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high-bandwidth markets.
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