Cypress Semiconductor and Ramtron InternaTIonal reached a deterministic purchase agreement. Under the agreement, Cypress will acquire all of Ramtron's common stock in cash at a price of $ 3.10 per share. The value of this transaction is approximately US $ 109.8 million (excluding debts and options assumed, but including shares previously acquired by Cypress), which is one day before Cypress announced its offer for Ramtron (i.e. June 10, 2012) Ramtron shares 'S closing price was 71% higher, and Ramtron's closing price for the day was $ 1.81 per share. Both the Cypress and Ramtron board of directors have approved the transaction, and the Ramtron board of directors unanimously recommended that Ramtron shareholders sell their holdings at Cypress ’s increased bid.
TJ Rodgers, President and CEO of Cypress, said: "We are very pleased to reach this agreement with Ramtron. Ramtron and its employees have established outstanding achievements and laid a very valuable technical foundation to provide the market with complete innovation and power Low non-volatile memory solutions product line. "
Rodgers further stated: "Ramtron's FRAM technology combined with Cypress's nvSRAM business, rich R & D resources, historically strong manufacturing capabilities, global sales organizations, and deep expansion capabilities in the distribution pipeline will be combined in non-volatile memory The business area creates an important new entity. We look forward to working with Ramtron to complete this transaction in a short period of time and achieve a seamless transition between customers and business partners. "
Ramtron Chairman William G. Howard said: "By conducting a strategic choice review, the Ramtron board actively seeks a course of action that will enable Ramtron shareholders to fully realize the value inherent in the company ’s long-term growth prospects. Finally, the board made a partnership with Cypress to The decision to achieve this goal and believe that this transaction will bring positive results to Ramtron shareholders, customers, partners and employees. "
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