Micrel, Inc. announced that, based on preliminary information provided by the company’s proxy solicitor, shareholders have rejected all proposals made by Obrem Capital Management ("OCM") at a special meeting held on May 20, 2008. The results include what is described as an overwhelming rejection of OCM’s proposals to remove Micrel’s current Board and replace them with OCM’s nominees and of their proposal to rescind the company’s shareholder rights plan. OCM’s proposals to expand Micrel’s Board to six members and fill the sixth seat with another of OCM’s nominees were also rejected.
"We appreciate the tremendous support Micrel and our Board of Directors have received today," the company said. "We believe the results of the vote reflect a clear rejection by Micrel shareholders of OCM’s attempt to take over Micrel and force an immediate sale of the company. We also believe it sends a clear message that shareholders want OCM to discontinue its singular, disruptive agenda at Micrel, including its intention to proceed with a contest at the 2008 Annual Meeting. We look forwarding to continuing our productive dialogue with all of our investors and to focusing 100% on the business and creating value for all shareholders."
