Atmel has determined that the proposal from Microchip and ON Semiconductor is inadequate in multiple respects, including value, conditionality and complexity, and is not in the best interests of Atmel's stockholders. At October 1th Microchip and ON Semiconductor have sent a proposal to the Board of Directors of Atmel to acquire Atmel for $5.00 per share in cash. The offer values Atmel at $2.3 billion.