Chipmaker Atmel Corp (ATML.O) said it considered Microchip Technology Inc’s (MCHP.O) $3.42 billion cash-and-stock proposal superior to Dialog Semiconductor Plc’s (DLGS.DE) offer.

Atmel said on Wednesday that Microchip had offered $7.00 per share in cash and $1.15 in Microchip stock, totaling $8.15 per share.

The company said it notified Dialog on Tuesday that it intended to terminate its deal with the company and enter into a definitive merger agreement with Microchip.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)

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