Dialog Semiconductor Gets U.S., German Approvals for Atmel Deal

Dialog Semiconductor Plc said it received approvals from German and U.S. authorities for its $4.6 billion acquisition of Atmel Corp.

The U.S. Department of Justice and Federal Trade Commission have granted early termination of the waiting period for the deal, and Germany’s Federal Cartel Office has given notification that the acquisition has been cleared to proceed, Dialog said in a regulatory filing on Friday.

Activist hedge fund Elliott Management Corp. is fighting the deal, saying in a letter to Dialog shareholders ahead of a shareholder vote this month that the deal would destroy the company’s value and poses too great a risk. Atmel’s revenue declines will lower the value of Dialog in a combination and, since the two companies have relatively little overlap, cost savings will be difficult to come by, Elliott said in the letter.

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