Cypress Semiconductor offers $87.5M to buy Ramtron

Associated Press

SAN JOSE, Calif. (AP) — Cypress Semiconductor is making a second takeover bid for Ramtron International after the first was rejected last year, though the offering price remains essentially the same.

In a letter to the Ramtron board, Cypress said it prefers to move forward with a negotiated deal, but that it is fully committed to the transaction "and will take the steps necessary to complete it."

Ramtron's stock jumped 33 percent, or 59 cents, to $2.40 in early trading Tuesday.

The new offer is $2.48 per share, a 37 percent premium to Ramtron's Monday closing price of $1.81. While the per-share offering is below the initial per-share offer of $3.01, an offer that had been undisclosed, Ramtron has since made a public stock offering in which it sold nearly 20 percent of its shares at $1.79 apiece.

Ramtron currently has about 35.3 million outstanding shares, according to FactSet, and the premium offered by Cypress remains the same.

The deal is not subject to any financing conditions, Cypress said.

Cypress Semiconductor Corp. has requested that Ramtron International Corp., respond to its latest offer by June 19.