Atmel certifies results of May 18 vote; Perlegos' nominees not supported

By Lisa Kerner

Charlotte, N.C., June 4 - Atmel Corp. said certified results from its May 18 special meeting show that four of George Perlegos' nominees each received support from holders of only 12% of the company's outstanding shares. The remaining Perlegos nominee, Brian S. Bean, received support from holders of about 29% of the outstanding shares, according to a company news release.

George Perlegos and his brother Gust Perlegos have a roughly 8% stake in the company.

"We appreciate the overwhelming support from our shareholders and given this support, we are hopeful that Mr. Perlegos and his nominees will choose to forgo a further costly proxy campaign at the July annual meeting," Atmel president and chief executive officer Steven Laub said in the release.

"Our board and new management team look forward to devoting our full time and attention to the continued execution of our plan to transform Atmel and unlock shareholder value."

On May 18, Atmel announced preliminary results that showed shareholders' overwhelming support for the company's current directors.

Atmel plans to file its delayed financial reports in early June. The reports were delayed as a result of the independent investigation regarding the timing of the company's past stock option grants, the release stated.

George Perlegos was attempting to replace five directors who terminated him and Gust Perlegos for cause in August 2006 after an eight-month investigation into the misuse of corporate travel funds. The investigation included $235,000 worth of company airline tickets used for personal travel by senior management and their family members.

Atmel had filed a lawsuit on March 23 against the Perlegos brothers claiming the pair were using false and misleading proxy materials in their proxy campaign to replace Atmel's CEO and its independent directors at the May 18 meeting.

Atmel, based in San Jose, Calif., designs and manufactures microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency components.

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