Cypress Semiconductor Increases All-Cash Offer for Ramtron International to $2.88 Per Share
SAN JOSE, Calif.--(BUSINESS WIRE)-- Cypress Semiconductor Corporation (CY) today announced that it has increased its all-cash offer to acquire all of the outstanding stock of Ramtron International Corporation to $2.88 per share from $2.68 per share. The increased offer represents a 59% premium over Ramtrons closing price of $1.81 per share on June 11, 2012, the day before Cypress publicly disclosed its offer for Ramtron.
T.J. Rodgers, President and Chief Executive Officer of Cypress, said, I am pleased that the financial advisors to Cypress and Ramtron have begun to engage in discussions. We are increasing our offer to $2.88 per share in the hopes of completing a transaction quickly, which we believe is in the best interest of Cypress, as well as Ramtrons stockholders.
The revised offer will expire at 5:00 p.m., New York City time, on September 11, 2012. The offer was previously scheduled to expire at 5:00 p.m., New York City time, on August 24, 2012. Other than the increase in the offer price and the extension of the expiration date, all other terms and conditions of the offer remain unchanged. The all-cash offer is not conditioned on due diligence or financing. As of 5:00 p.m., New York City time, on August 24, 2012, 3,022,387 shares (including 108,507 shares subject to guarantees of delivery) had been tendered and not withdrawn pursuant to the Offer.
Greenhill & Co., LLC is acting as financial advisor to Cypress and dealer manager for the offer, and Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as legal counsel.
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC 1, PSoC 3, and PSoC 5 programmable system-on-chip families and derivatives, CapSense touch sensing and TrueTouch solutions for touchscreens. Cypress is the world leader in USB controllers, including the high-performance West Bridge solution that enhances connectivity and performance in multimedia handsets, PCs and tablets. Cypress is also the world leader in SRAM memories. Cypress serves numerous markets including consumer, mobile handsets, computation, data communications, automotive, industrial and military. Cypress trades on the Nasdaq Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.
Additional Information and Where to Find It
This communication is for informational purposes only and does not constitute an offer to buy or solicitation of an offer to sell common stock of Ramtron International Corporation (Ramtron). The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, Letter of Transmittal and related materials) filed by Cypress Semiconductor Corporation with the Securities and Exchange Commission (the SEC) on June 21, 2012. INVESTORS AND STOCKHOLDERS OF RAMTRON ARE URGED TO READ THESE AND OTHER DOCUMENTS (AS THEY MAY BE AMENDED FROM TIME TO TIME) CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. Investors and stockholders of Ramtron may obtain free copies of these and other documents filed by Cypress with the SEC at the SECs website (www.sec.gov). The Offer to Purchase, Letter of Transmittal and related materials may also be obtained for free by contacting the information agent for the tender offer, Georgeson Inc., at 212-440-9800 or toll-free at 866-219-9786.
This communication may be deemed to be solicitation material in respect of the possible removal of directors from, and the election of directors to, Ramtrons board of directors. If a solicitation is commenced, Cypress and Rain Acquisition Corp. (together, the Cypress Group) will file a consent solicitation statement (the Consent Statement) and other materials with the SEC with respect to a solicitation of written consents (the Consent Solicitation) from the stockholders of Ramtron.
The members of the Cypress Group and certain of the directors, executive officers and employees of Cypress may be deemed to be participants in the Consent Solicitation when and if it is commenced. If the Consent Solicitation is commenced, then the persons nominated by the Cypress Group for election to Ramtrons board of directors will also be participants in the Consent Solicitation.
As of August 24, 2012, Cypress beneficially owned 1,667,584 shares of the common stock of Ramtron, representing approximately 4.7% of the outstanding shares. Additional information regarding the interests of all of the participants, by security holdings or otherwise, will be included in the Consent Statement and other relevant documents when and if they are filed with the SEC in connection with the Consent Solicitation.
Promptly after filing any definitive Consent Statement with the SEC, the Cypress Group will mail such definitive Consent Statement to the stockholders of Ramtron. INVESTORS AND STOCKHOLDERS OF RAMTRON ARE URGED TO READ THE CONSENT STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE CYPRESS GROUP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders of Ramtron may obtain free copies of these and other documents filed by the Cypress Group with the SEC at the SECs website (www.sec.gov) or from the Cypress Groups soliciting firm, Georgeson Inc., at 212-440-9800 or toll-free at 866-219-9786.
Additional information regarding Cypress, the names of Cypresss directors and executive officers, and the interests of such persons, by security holdings or otherwise, in Cypress can be found in Cypresss proxy statement for its 2012 Annual Meeting of Stockholders, which was filed with the SEC on March 28, 2012. This document may be obtained free of charge from the sources listed above.
This release may be deemed to contain forward-looking statements. These forward-looking statements include, among other things, statements regarding Cypresss proposal to acquire Ramtron and the terms and conditions of such acquisition, each of which involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including the business and economic conditions and growth trends in the semiconductor industry and in various geographic regions; our ability to manage financial risk; and other factors listed in Cypresss most recent reports on Form 10-K, 10-Q and 8-K. The information above speaks only as of the date of this release.
Cypress, the Cypress logo, PSoC, PowerPSoC, CapSense and West Bridge are registered trademarks and Cypress Developer Community, PSoC Creator and TrueTouch are trademarks of Cypress Semiconductor Corp. All other trademarks are property of their owners.
Cypress Semiconductor Corporation
Brad W. Buss, 408-943-2754
Cypress EVP Finance & Administration and CFO
Greenhill & Co., LLC
Source: Cypress Semiconductor CorporationCopyright Business Wire 2012