Obrem Capital agrees to support Micrel's director nominees

By Lisa Kerner

Charlotte, N.C., July 9 - Obrem Capital Management LLC withdrew its slate of nominees for election to the board of directors of Micrel, Inc.

According to a Micrel news release, Obrem agreed to support Micrel's nominees at the 2008 annual meeting of shareholders.

"We are pleased with the ongoing dialogue we are having with Obrem and gratified that we are enjoying a constructive relationship with our largest independent shareholder," Micrel president and chief executive officer Ray Zinn said in the release.

"We continue to focus on creating value for all Micrel shareholders and are pleased that Obrem is supportive of our efforts," Zinn added.

Obrem said it looks forward to being a long-term shareholder and participating in Micrel's future success.

As previously reported, Obrem called for a special meeting to be held in May for Micrel shareholders to vote on a proposal to rescind Micrel's shareholder rights plan and to expand the board to six members. Obrem also sought the election of its six nominees to the board.

Micrel said its shareholders rejected all proposals made by Obrem at the meeting.

Micrel develops and manufactures high-performance analog power, mixed-signal and digital integrated circuits. The company is based in San Jose, Calif.

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