Micrel shareholders reject Obrem's director nominees, proposal to rescind shareholder rights plan

By Lisa Kerner

Charlotte, N.C., May 20 - Micrel, Inc. said preliminary information from its proxy solicitor indicate its shareholders rejected all proposals made by Obrem Capital Management LLC at a special meeting held Tuesday.

Shareholders overwhelmingly rejected Obrem's proposal to replace Micrel's current board with the investor's nominees, according to a Micrel news release.

Micrel said its shareholders also rejected Obrem's proposals to rescind the company's shareholder rights plan and to expand Micrel's board to six members and fill the sixth seat with another Obrem nominee.

The company said the vote is a "clear rejection" of Obrem's attempt to take over Micrel and force an immediate sale of the company.

It was previously reported that Obrem sought the election of:

• Bill Bradford, a co-founder and general partner of Saguaro Ventures;

• Keith R. Gollust, a founding partner of Gollust, Tierney, and Oliver, a private investment firm;

• Eric Gomberg, a senior investment analyst at Obrem Capital Management;

• Ben Goren, a principal at GCG Capital;

• Keith M. Kolerus, former chairman of the board of ACI Electronics; and

• Andrew Rechtschaffen, founder and managing member of Obrem Capital Management.

Micrel develops and manufactures high-performance analog power integrated circuits (ICs), mixed-signal ICs and digital ICs. The company is based in San Jose, Calif.

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