Ramtron Board Unanimously Concludes Cypress' Unsolicited Tender Offer is Inadequate
Ramtron International Corporation (Nasdaq: RMTR) today announced that its Board of Directors has carefully reviewed the unsolicited tender offer from Cypress Semiconductor Corporation (Nasdaq: CY) to acquire all outstanding stock of Ramtron at a price of $2.68 per share in cash, in consultation with its financial and legal advisors, and unanimously concluded that the tender offer is inadequate, does not reflect the intrinsic value of the Company, and is not in the best interest of Ramtron and its stockholders. Therefore, the Board unanimously recommends that Ramtron stockholders reject the offer and not tender their shares into the offer.
“The Board believes that the Cypress offer undervalues Ramtron's valuable intellectual property and F-RAM technological expertise as well as the Company's strong long-term growth prospects,” said Dr. William G. Howard, Ramtron's Chairman. “Even at an offer price of $2.68 per share, we continue to believe the offer fails to reflect the Company's strengthened competitive position, enlarged addressable market and progress being made toward expanding the Company's product portfolio beyond specialty memory products to also include integrated semiconductor solutions. The Board is confident that as management continues to gain traction with its demand creation initiatives and new product introductions in 2012, the Company will be positioned to fully exploit the vast untapped opportunities for F-RAM-based low energy, wireless, and high data integrity solutions in the semiconductor market. We believe that long-term value inherent in this untapped opportunity rightly belongs to Ramtron stockholders.”
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