Ramtron and Cypress reach merger agreement
Cypress and Ramtron have agreed to merge.
Cypress Semiconductor Corporation has entered into a definitive merger agreement with Ramtron International Corporation.
Sales negotiations between the involved parties have given this transaction a value of $3.10 (£1.91) per share, which will be paid in cash, giving the deal an overall price of $109.8 million.
The merger will involve Cypress acquiring all of Ramtron's outstanding stock and the boards of directors of both enterprises have been involved in business negotiations and have approved the tie-up.
Furthermore, the board of directors at Ramtron has unanimously recommended that its shareholders tender their holdings to take advantage of Cypress' offer.
Ramtron markets, designs and develops specialised and integrated semiconductor solutions, while Cypress develops mixed-signal, high-performance programmable solutions, including system-on-chip derivatives and families.
"We look forward to working with Ramtron to complete the transaction quickly, enabling a seamless transition for customers and business partners once the transaction is complete," chief executive officer and president of Cypress T J Rodgers said.
Posted by Ron Maverick
Source: Joint press release, September 19th