Perlegos ends proxy fight with Atmel

By Lisa Kerner

Charlotte, N.C., June 6 - George Perlegos notified Atmel Corp. that he will not solicit proxies from Atmel shareholders to make changes to the board of directors, nor will he or his representatives attend the annual shareholders meeting in July, a form 8-K filing with the Securities and Exchange Commission stated.

On May 18, Atmel announced that its shareholders voted overwhelmingly to support the company's current directors and to reject George Perlegos' attempt to oust five directors who terminated him for cause.

Perlegos and his brother, Gust Perlegos, were terminated in August 2006 after an eight-month investigation into the misuse of corporate travel funds, including $235,000 worth of company airline tickets used for personal travel by senior management and their family members.

On March 23, Atmel filed a lawsuit against George Perlegos and Gust Perlegos 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's current president and chief executive officer Steven Laub, in a letter to shareholders, had outlined Perlegos' attempts to be reinstated through the court system.

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

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