UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported)
December
3, 2008
 MICROCHIP
TECHNOLOGY INCORPORATED
(Exact
Name Of Registrant As Specified In Its
Charter)
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Delaware
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0-21184
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86-0629024
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(State
Or Other Jurisdiction Of Incorporation)
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(Commission
File No.)
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(IRS
Employer Identification No.)
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2355
West Chandler Boulevard, Chandler, Arizona 85224-6199
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(Address
Of Principal Executive Offices)
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(480)
792-7200
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(Registrant’s
Telephone Number, Including Area
Code)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
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¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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ý Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01 Other
Events
Steve
Sanghi, President, Chief Executive Officer and Chairman of the Board of
Microchip Technology Incorporated (“Microchip”) will be
participating tomorrow, December 4, 2008, in the Credit Suisse First Boston
Financial Conference. The prepared statement of Mr. Sanghi to be
delivered at the conference includes the following:
As a
result of deteriorating business conditions in the semiconductor industry,
several negative pre-announcements from other semiconductor suppliers and our
own market intelligence, we believe that Atmel’s business has deteriorated
substantially since we initially proposed to acquire Atmel. Because
of these developments as well as ON Semiconductor’s withdrawal from our proposed
transaction, Microchip can no longer justify a purchase price of $5 per share
for Atmel.
Microchip
continues to evaluate its alternatives with respect to a possible transaction
with Atmel, including potential financing sources and disposition strategies for
the Atmel businesses Microchip does not want to operate on a long-term
basis. However, given the deterioration of the business and financing
environments and the other factors described above, there is no assurance that
Microchip will make a new offer for Atmel or, if Microchip does, what the terms
of any such offer may be.
Statements
in this report, including those regarding Microchip’s continued evaluation of
its potential alternatives for pursuing a transaction without ON Semiconductor,
may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “anticipate”,
“believe”, “expect”, “intend”, “estimate” (and the negative of any of these
terms), “future” and similar expressions help identify forward looking
statements. These forward looking statements are subject to business
and economic risk and reflect the current expectations of Microchip’s
management, and involve subjects that are inherently uncertain and difficult to
predict. Actual results could differ materially from these
forward-looking statements because of factors such as: the possibility that
Microchip will not continue to pursue a transaction with Atmel; the possibility
that any future proposal by Microchip to acquire Atmel will be rejected by
Atmel’s board of directors or shareholders; the possibility that, even if
Microchip makes a future proposal to acquire Atmel, Microchip will be unable to
obtain the financing necessary to complete a transaction or will be unable reach
agreement on the terms of the sale of certain Atmel assets with third parties,
Microchip will not be able to satisfy closing conditions in any definitive
agreement, or the transaction will not close or that the closing may be delayed;
the effect of the announcement of any proposal on each of Microchip’s and
Atmel’s strategic relationships, operating results and businesses generally,
including the ability to retain key employees; Microchip’s ability to
successfully integrate Atmel’s operations and employees; general economic
conditions; and other factors described in Microchip’s SEC filings (including
Microchip’s Annual Report on Form 10-K for the fiscal year ended March 31, 2008
and Quarterly Report on Form 10-Q for the quarter ended September 30,
2008). If any of these risks or uncertainties materialize, Microchip
may not continue to pursue a transaction with Atmel, any proposed acquisition
may not be consummated, the potential benefits of any acquisition may not be
realized, Microchip’s and/or Atmel’s operating results and financial performance
could suffer, and actual results could differ materially from the expectations
described in these forward-looking statements. All information in
this report is as of December 3, 2008. Microchip undertakes no duty
to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise.
This
report is for informational purposes only and does not constitute an offer to
buy any securities or a solicitation of any vote or approval or a solicitation
of an offer to sell any securities. MICROCHIP MAY FILE A PROXY
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”)
2
RELATING
TO MICROCHIP’S POSSIBLE SOLICITATION OF PROXIES FROM THE SHAREHOLDERS OF ATMEL
FOR USE AT THE 2009 ANNUAL MEETING OF SHAREHOLDERS. ALL ATMEL
SHAREHOLDERS ARE URGED TO READ ANY SUCH PROXY STATEMENT FILED WITH THE SEC
CAREFULLY IN ITS ENTIRETY WHEN AND IF IT BECOMES AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION.
SHAREHOLDERS
WILL BE ABLE TO OBTAIN FREE COPIES OF ANY SUCH PROXY STATEMENT FILED WITH THE
SEC BY MICROCHIP AT WWW.MICROCHIP.COM AND THROUGH THE WEB SITE MAINTAINED BY THE
SEC AT WWW.SEC.GOV. FREE COPIES OF ANY SUCH PROXY STATEMENT CAN ALSO
BE OBTAINED BY DIRECTING A REQUEST TO MICROCHIP’S PROXY SOLICITOR, MACKENZIE
PARTNERS, INC. AT (650) 798-5206.
Microchip
and its directors and executive officers and other persons could be deemed to be
participants in the solicitation of proxies from shareholders of Atmel in
connection with the election of directors and other matters. As of
the date hereof, Microchip beneficially owns approximately 4.4% of Atmel’s
outstanding common stock. Information regarding Microchip’s directors
and executive officers is available in Microchip’s SEC filings (including
Microchip’s Annual Report on Form 10-K for the fiscal year ended March 31, 2008
and its Proxy Statement for its 2008 Annual Meeting of
Shareholders). Other information regarding the participants in any
proxy solicitation and a description of their direct and indirect interests will
be contained in any Proxy Statement filed by Microchip with the SEC when and if
it becomes available.
On
December 3, 2008, Microchip issued a press release announcing Mr. Sanghi’s
participation in the Credit Suisse First Boston Financial
Conference. The press release is attached to this Current Report as
Exhibit 99.1.
Item
9.01. Financial
Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
No.
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Description
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99.1
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Microchip
Press Release, dated December 3,
2008
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3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Dated:
December 3, 2008
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Microchip
Technology Incorporated
(Registrant)
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By: /s/ Gordon W.
Parnell
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Gordon
W. Parnell
Vice
President, Chief Financial Officer
(Principal
Accounting and Financial Officer)
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4
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INDEX
TO EXHIBITS
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Exhibit
No.
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Description
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99.1
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Microchip
Press Release, dated December 3,
2008
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5