Cypress and Ramtron enter definitive merger agreement

Cypress Semiconductor and Ramtron International have entered into a definitive merger agreement under which Cypress will acquire all of Ramtron’s outstanding stock at a price of $3.10 (£1.91) per share in cash.

The transaction, valued at approximately $109.8m, excluding assumed debt and options and including shares previously acquired by Cypress, represents a premium of 71 per cent to Ramtron’s closing price of $1.81 per share on 11 June 2012 — the day before Cypress publicly disclosed its offer for Ramtron.

The boards of directors of both companies have approved the transaction. Ramtron’s board of directors unanimously recommends that Ramtron stockholders tender their shares in Cypress’s increased tender offer.