Ramtron International Surges 37% on Bid by Cypress
Cypress Semiconductor announced that it has submitted a proposal to Ramtron International to acquire all of its outstanding stock for $2.48 per share in cash. This offer represents a 37% premium to Ramtron's closing stock price on June 11, 2012.
“We believe that our offer provides compelling value to Ramtron's stockholders,” said T.J. Rodgers, President and Chief Executive Officer of Cypress. “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.
Currently, shares of Ramtron are trading up about 35% at $2.45 per share.
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