Micrel, Incorporated today announced that its Board of Directors has unanimously decided to undertake a comprehensive review of strategic alternatives to enhance value for shareholders. The Micrel Board of Directors announced the formation of a Transactions Committee to lead the review and evaluation of strategic alternatives. The Transactions Committee is composed of three independent members of the Board of Directors: Robert Herb (Chairman of the Transactions Committee), John Bourgoin and Daniel Heneghan.
"Given our unique and valuable assets, as well as our strong position in the marketplace, we believe now is an opportune time to conduct a thorough review of our strategic alternatives to determine the best path, including our standalone plan, to maximize shareholder value," said Raymond Zinn, Chairman and Chief Executive Officer of Micrel. "Regardless of the outcome of the Board's review process, the entire Micrel team remains fully committed to our customers and continuing to provide them with industry-leading solutions."
There can be no assurance that the Company's review of strategic alternatives will result in any transaction. The Company does not currently intend to disclose further developments with respect to this process unless and until its Board of Directors approves a specific action or otherwise concludes the review of strategic alternatives. Credit Suisse is serving as financial advisor and Davis Polk & Wardwell LLP is providing legal advice to Micrel in connection with this process.
