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Microchip Abandons Atmel Bid

Chandler, Arizona-based semiconductor maker Microchip Technology said late Tuesday that the firm is terminating its bid for Atmel Corporation. According to Microchip, the firm pulled the bid, and is pulling its nomination of directors, due to the global economy and the semiconductor business environment. Microchip said that the environment has "deteriorated significantly" and it is no longer able to put a value on Microchip. Microchip had teamed with ON Semiconductor in a bid for Atmel in October, but ON Semiconductor pulled out in November citing the financial markets.