have proposed to acquire
for $5 a share in cash.
The proposal, which is being led by Microchip, is a premium of 52% to Atmel's closing price of $3.28 on Wednesday. The deal values Atmel at $2.3 billion.
When approached by Microchip last month, Atmel, a chipmaker based in San Jose, Calif., refused to engage in talks about a potential transaction, Microchip said in a statement Thursday.