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Cypress raises offer bid for Ramtron

Cypress Semiconductor has increased its all-cash offer to acquire Ramtron International to $2.88 per share from $2.68 per share, which is about $109.3m.

The company offered $2.48 per share for Ramtron on 12 June 2012 and raised its offer to $2.68 per share on 21 June 2012.

Cypress president and CEO TJ Rodgers said: "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."

Greenhill & Co. is acting as financial advisor to Cypress and dealer manager for the offer while Wilson Sonsini Goodrich & Rosati, Professional Corp., is acting as legal counsel.

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US based fabless semiconductor firm Ramtron designs, develops and markets specialised semiconductor memory and integrated semiconductor solutions used range of product applications and markets.

The company posted revenue of $14.2m for the second quarter of 2012, compared to $16.8m for the same period 2011.

For the second quarter of 2012, the company posted a net income of $0.7m, or $0 per share, compared to a net loss of $0.68m or ($0.02) per share, for the same period a year ago.


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CBR Staff Writer

CBR Online legacy content.