Cypress Semiconductor not giving up Ramtron, rises the offer
Cypress Semiconductor has extended its tender offer to acquire all of the outstanding stock of Ramtron International Corporation for $2.68 per share in cash to 5:00 p.m., New York City time, on August 3, 2012. The offer was previously scheduled to expire at 12:00 midnight, New York City time, on July 19, 2012. Cypress says its offer represents a 48% premium over Ramtron’s closing price of $1.81 per share on June 11, 2012, the day before Cypress publicly disclosed its offer for Ramtron.
“Ramtron’s contention that we have ‘bypassed’ its strategic review process—a process that exists only because of our prior offers—is simply untrue,” said T.J. Rodgers, President and Chief Executive Officer of Cypress. “We have repeatedly said that we prefer a negotiated transaction and have attempted to engage with Ramtron on numerous occasions. Ramtron continues to insist that Cypress agree to a ‘standstill’ and other restrictions that would impede our ability to pursue a transaction.”
Mr. Rodgers concluded, “Cypress remains committed to acquiring Ramtron, and we will pursue all necessary alternatives to complete a transaction.”