BTW, this doesn't appear to be over.
http://finance.yahoo.com/q?s=ATML
Microchip is apparently trying to replace the Atmel board of directors.
The Microchip and ON Semi CEOs said on Wednesday they remain "fully committed to our offer despite unprecedented weakness and volatility in the equity markets."
The business community does not seem to like the idea, although it's difficult to tell in the currently "volatile" market.
Meanwhile:
[ATMEL] said its "strong third quarter results despite a very challenging macroeconomic environment further demonstrate Atmel's superior product and technology portfolio and the inadequacy of the value proposed by Microchip and ON."
Where "strong third quarter" is reflected by losing money and failing to meet the street expectations for earnings. Not a very friendly climate out there for anyone, I'm afraid!