Monday, December 03, 2007

Loeb's Third Point LLC Lowers Stake in Atmel (ATML) Below 5%

In an amended 13D filing after the close Friday on Atmel (Nasdaq: ATML), Daniel Loeb's Third Point LLC disclosed they lowered their stake in the company to 4.99% (22.4 million shares).

Loeb's firm held 35 million shares of Atmel at the quarter ended September 30, 2007.

Loeb's firm sold large blocks of Atmel stock from 10/11 thru 11/30 at prices from $5.80-$4.39.

Because Loeb's firm is below the 5% threshold, he will not be required to file updated 13Ds on the position.

Atmel has not been a winning trade for Loeb. The original 13D, filed in July, showed Loeb paid an average of about $5.45 per share for the stock. It is currently at $4.42.

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