Microchip and ON Semiconductor further commented on their proposal to acquire Atmel. Microchip announced that it intends to nominate a slate of directors at Atmel’s next annual meeting of shareholders and that it has received clearance to acquire Atmel under the Hart-Scott-Rodino Antitrust Improvements Act. ON Semiconductor noted that it expects to receive antitrust clearance for its proposed acquisition of Atmel’s Nonvolatile Memory, RF and Automotive businesses after the necessary filings are made upon execution of an acquisition agreement with Atmel. On October 2rd 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 did provide a premium of 52.4% to Atmel’s closing price of $3.28 on October 1, 2008, and did value Atmel at $2.3 billion. But Atmel did reject the offer.