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CSR rejects Microchip Tech approach, shares surge

Reuters - UK Focus

LONDON, Aug 28 (Reuters) - British chipmaker CSR (HKSE: 1766-OL.HK - news) said it had rejected an approach from Microchip Technology Inc (NasdaqGS: MCHP - news) about a possible offer for the company, sending its shares up as much as 27 percent.

"The price proposed by Microchip has been rejected and the board is considering its options for the company," CSR (LSE: CSR.L - news) said in a short statement on Thursday.

Under British takeover rules, Microchip has until Sept. 25 to either announce a firm offer for CSR or walk away. (Reporting by Paul Sandle; Editing by Neil Maidment)