Proxy Governance latest advisory firm to support Micrel in proxy battle with Obrem

By Lisa Kerner

Charlotte, N.C., May 15 - Micrel, Inc. said Proxy Governance, Inc. is the latest proxy voting advisory firm to recommend that the company's shareholders vote against all the proposals made by Obrem Capital Management LLC at the special meeting on Tuesday.

It was previously reported that Obrem's proposals include replacing Micrel's board of directors and rescinding the company's shareholder rights plan.

Glass Lewis & Co., RiskMetrics and Egan-Jones also recommended shareholders vote against Obrem, according to a Micrel news release.

Micrel believes that Obrem's only agenda is to sell Micrel during extremely challenging market conditions.

According to Micrel, Proxy Governance said Obrem's proxy challenge is "ill-advised" and called the investor's slate of director nominees "underwhelming."

On April 26, Obrem urged Micrel shareholders to elect its director nominees:

• Bill Bradford, a co-founder and general partner of Saguaro Ventures;

• Keith R. Gollust, a founding partner of Gollust, Tierney, and Oliver, a private investment firm;

• Eric Gomberg, a senior investment analyst at Obrem Capital Management;

• Ben Goren, a principal at GCG Capital;

• Keith M. Kolerus, former chairman of the board of ACI Electronics; and

• Andrew Rechtschaffen, founder and managing member of Obrem Capital Management.

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

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