Ramtron agrees to be acquired by Cypress
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After much pursuit, Cypress Semiconductor will acquire Ramtron in a cash deal valued at approximately $109.8million.
The boards of directors of both companies approved the transaction, which will see Cypress acquire all outstanding stock of Ramtron at a price of $3.10 per share. The offer represents a premium of 71% over Ramtron's closing price of $1.81 per share on June 11 2012, the day before Cypress publicly disclosed its offer for Ramtron.
"The combination of Ramtron's fram technology with Cypress's nvSRAM business, considerable R&D resources, historically strong manufacturing capabilities, global sales organisation, and deep extension into distribution channels will create a significant new entity in the nonvolatile memory business," said Cypress president and ceo TJ Rodgers, pictured.
"Through the strategic alternative review process, the Ramtron board sought to determine a course of action that would enable Ramtron stockholders to fully realise the value inherent in the long term growth prospects of the company," commented Ramtron Chairman Dr William G Howard. "Ultimately, the board concluded that a combination with Cypress accomplishes that objective, and believes the transaction represents a positive outcome for Ramtron stockholders, customers, partners and employees."
