Micrel, Obrem discuss moving forward following rejection of Obrem's nominees, proposals

By Angela McDaniels

Tacoma, Wash., May 22 - Micrel, Inc. shareholder Obrem Capital Management LLC said that, based on preliminary results, it believes its proposal to increase the size of the company's board and to elect two of its nominees received "good support" from independent Micrel shareholders at a special meeting on Tuesday.

Micrel announced on Tuesday that preliminary information from its proxy solicitor indicates its shareholders rejected all proposals made by Obrem Capital Management at the meeting.

As previously reported, Obrem called the special meeting so shareholders could vote on its proposal to rescind Micrel's shareholder rights plan and to expand the board to six members. Obrem also sought the election of its six nominees to the board.

On Thursday, Obrem said it had a "positive and constructive" meeting on Tuesday afternoon with the company's board.

"The most immediate and enduring priority for management and the board has to be to deliver on recent growth forecasts and to be open to all reasonable means of creating shareholder value. Obrem recognizes shareholder interest in having a combination of additional, new insights as well as continuity from the existing Micrel board. To that end, Obrem and Micrel are discussing opportunities that would enhance the company's prospects of achieving those objectives," the shareholder said in a news release.

"Obrem believes that both it and Micrel are committed to moving forward in a positive manner."

In a statement on Thursday, Micrel described the meeting as "open and friendly" and echoed a commitment to moving forward in a positive way.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.