Cypress again ups ante for Ramtron

Cypress again ups ante for Ramtron

SAN FRANCISCO—Cypress Semiconductor Corp. said Monday (Aug. 27) it increased its offer to acquire FRAM vendor Ramtron International Corp. for a second time.

Cypress (San Jose, Calif.) said it increased its all-cash offer for Ramtron to $2.88 per share, or around $100 million.

Previously Cypress had offered $2.68 per share and, before that, $2.48 per share to acquire Ramtron (Colorado Springs, Colo.). Last year, Cypress offered to acquire Ramtron for $3.01 per share.

According to Cypress, the new offer represents a 59 percent premium over Ramtron's closing price of $1.81 per share on June 11, the day before Cypress publicly disclosed its offer for Ramtron.

Ramtron's board of directors last month rejected the $2.68 per share offer from Cypress and said it entered discussions with "major semiconductor companies" about a potential strategic transaction.

Cypress's latest tender offer for Ramtron shares is scheduled to expire at 5 p.m. Eastern Standard Time on Sept. 11. Cypress has extended the deadline for the offer several times.

In a statement, T.J. Rodgers, Cypress president and CEO, said his firm is now in discussions with Ramtron's financial advisors. "We are increasing our offer to $2.88 per share in the hopes of completing a transaction quickly, which we believe is in the best interest of Cypress, as well as Ramtron's stockholders," Rodgers said.

Related stories:
  • Cypress, Ramtron continue standoff
  • Chipmaker Ramtron posts lower revenue, shares fall ‎
  • Ramtron extends Fram agreement with Rohm
  • Ramtron rejects Cypress again, in talks with others
  • Cypress ups offer for Ramtron
  • Ramtron rejects Cypress Semi offer


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