Cypress Semiconductor up Over 6% After Proposing to Acquire Ramtron International
Cypress Semiconductor Corporation (NASDAQ: CY) is trading higher on the session following its acquisition offer on Ramtron International Corporation (NASDAQ: RMTR). The purchase price would be $2.48 per share in cash.
T.J. Rodgers, President and Chief Executive Officer of Cypress said, “We believe that our offer provides compelling value to Ramtron's stockholders. Last year, we attempted to negotiate an acquisition of Ramtron, but our offer of $3.01 per share—which represented the same 37% premium to Ramtron's then-current stock price as we are offering today—was summarily rejected. Soon thereafter, Ramtron sold almost 20% of its stock in a dilutive public offering at a net price of $1.79 per share."
Cypress Semiconductor is currently trading at $13.26, a gain of $0.80 or 6.42%.
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