Ramtron to Review Unsolicited Tender Offer from Cypress Semiconductor Corporation
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)-- Ramtron International Corporation (RMTR), a leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, issued the following statement regarding the unsolicited tender offer from Cypress Semiconductor Corporation (Nasdaq: CY) to acquire all outstanding stock of Ramtron at a price of $2.68 per share in cash.
Ramtrons Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the unsolicited tender offer from Cypress Semiconductor Corporation. Ramtrons Board intends to advise stockholders of its recommendation within ten business days by making available to stockholders and filing with the Securities and Exchange Commission a Schedule 14D-9. Ramtron stockholders are advised to take no action at this time pending the review of the tender offer by the Companys Board of Directors.
Ramtron International Corporation, headquartered in Colorado Springs, Colorado, is a fabless semiconductor company that designs, develops and markets specialized semiconductor memory and integrated semiconductor solutions used in a wide range of product applications and markets worldwide. For more information, visit www.ramtron.com.
Except for historical information, this press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as believe, expect, anticipate, should, and potential, and prospects, among others as well as statements regarding the evaluation of strategic alternatives. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to: general and regional economic conditions and conditions specific to the semiconductor industry; demand for Ramtrons products; order cancellations or reduced order placements; product sales mix; the timely development of new technologies; competitive factors such as pricing pressures on existing products and the timing and market acceptance of new product introductions; Ramtrons ability to maintain an appropriate amount of low-cost foundry production capacity from its foundry sources in a timely manner; our foundry partners timely ability to successfully manufacture products for Ramtron; our foundry partners ability to supply increased orders for F-RAM products in a timely manner using Ramtrons proprietary technology; any disruptions of Ramtrons foundry or test and assembly contractor relationships; currency fluctuations; unexpected design and manufacturing difficulties; defects in products that could result in product liability claims; risks and uncertainties relating to the possible transaction and process of exploring strategic alternatives; and the risk factors listed from time to time in Ramtrons SEC reports, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2011 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. SEC-filed documents are available at no charge at the SECs website (www.sec.gov) or from the company.
All forward-looking statements included in this release are based upon information available to Ramtron as of the date of this release, which may change.
Lee A. Brown, (719) 481-7213
Source: Ramtron International CorporationCopyright Business Wire 2012