Cypress goes public on offers to buy Ramtron
LONDON – Chip company Cypress Corp. (San Jose, Calif.) has announced it has offered to acquire all the stock of non-volatile memory company Ramtron Corp. (Colorado Springs, Colorado) for $2.48 per share, a 37 percent premium over Ramtron’s closing stock price on Monday June 11. With about 35 million shares shares this would represent a purchase price of about $86 million.
Cypress revealed that it had attempted to buy Ramtron in March 2011 at $3.01 per share but that the previous offer had been rejected by the company.
Ramtron supplies random access memories and works with Samsung Co. Ltd., Texas Inc. and Toshiba Corp. as partners. Ramtron has also allowed Texas to produce with embedded memory for use in low power . In the first quarter of 2012 Ramtron made a net profit of $445,000 on sales revenue of $15.0 million.
“We believe that our offer provides value to Ramtron’s ,” said T.J. Rodgers, president and CEO of Cypress, in a statement. “Last year, we attempted to negotiate an of Ramtron, but our offer of $3.01 per share – which the same 37 percent premium to Ramtron’s then-current stock price as we are offering today – was summarily rejected. Soon , Ramtron sold almost 20 percent of its stock in a dilutive public offering at a net price of $1.79 per share,” Rodgers continued.
“At this time, we call on Ramtron’s Board of Directors to act in the best interests of its by meeting with us to seriously discuss our proposal. We believe that Cypress would benefit Ramtron’s customers, providing them with a more stable source of supply, greater research and resources and better support from a much larger sales channel. We also believe the would provide Ramtron’s employees with more for long-term success as part of a larger, more global ,” Rodgers said.
Cypress has made public the text of letters sent to Ramtron by email on June 12, 2012 and letters sent on March 8, March 10 and April 11, 2011.
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