Cypress Semiconductor (CY) commences a tender offer for Ramtron (RMTR) at a price of $2.68/share, above the $2.48/share proposed last week. The offer is good through July 19. Ramtron's FRAM technology seeks to deliver the performance of Cypress' bread-and-butter SRAM, while retaining information in the absence of a charge (like flash memory). But cost and chip density issues have limited sales. Ramtron closed yesterday at $2.75 on expectations of a higher bid.