Dialog Semiconductor to buy Atmel for $4.6 billion

Reuters News
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Posted: Sep 20, 2015 9:08 AM

FRANKFURT (Reuters) - German chipmaker Dialog Semiconductor <DLGS.DE> has agreed to buy U.S. rival Atmel <ATML.O> for about $4.6 billion, the German company said on Sunday.

Dialog said Atmel shareholders would receive $4.65 in cash and "0.112 of a Dialog Semiconductor American Depository Share for each Atmel common share", resulting in the "economic equivalent" of $10.42 per Atmel share based on Dialog's closing price as of Sept. 18.

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On Friday, shares in Dialog closed at 45.325 euros apiece, while Atmel shares closed at $7.27.

(Reporting by Christoph Steitz; Editing by Mark Potter)