"What if they have no buyers and simply exit the Asic business and sell the fab equipment to TSMC and the building to someone else....i.e. Like N. Tynside. In my estimate this would generate $250M. Rousette Fab is more than twice the size of N.Tyneside and is fully facilitized. Knock off $50M for worker's payments required by French law and you still have $200M. Atmel has almost $400M in net cash, so they still could buyback at least $250M in stock. This would leave 400 million shares outstanding and $0.45 annual earnings per share.

Worst case-$0.45 minus 0.05 tax would be $0.40 x a PE of 15 would suggest a stock price of $6."


Works for me