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Ramtron International Corporation
RMTR, a leading developer and
supplier of nonvolatile ferroelectric random access memory (F-RAM) and
integrated semiconductor products, today announced that its Board of Directors
has carefully reviewed the revised unsolicited tender offer from Cypress
Semiconductor Corporation
CY to acquire all outstanding stock of
Ramtron at a price of $2.88 per share in cash, in consultation with its
financial and legal advisors, and unanimously concluded that the revised 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 revised offer and
not tender their shares into the revised offer.
“The revised price does not alter the Board's initial conclusion that the
tender offer undervalues Ramtron's strong long-term growth prospects,
particularly considering the margin benefits to be derived from the
manufacturing agreement the Company recently signed with ROHM Co., Ltd, not to
mention the Company's valuable intellectual property and F-RAM technological
expertise,” said Dr. William G. Howard, Ramtron's Chairman. “We remain
committed to determining a course of action through the strategic alternatives
review that will enable Ramtron stockholders to fully realize the long-term
value inherent in the Company's long-term growth prospects.”
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