Microchip settles shareholder derivative suits over Microsemi acquisition for $4M insurer payment and governance reforms

MICROCHIP TECHNOLOGY INC

Arizona court preliminarily approved settlement of derivative actions alleging fiduciary breaches related to $10.15B Microsemi acquisition.
Company receives $4 million from insurers; defendants deny wrongdoing and no admission of liability.
Microchip implements enhanced Disclosure Committee charter and acquisition oversight reforms effective for 5 years.
Settlement dismisses claims against current/former directors and officers with prejudice.
Governance changes to be implemented within 60 days of final court approval; $4M net to Microchip after fees and costs.

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