Ramtron rejects Cypress' raised offer

Reuters News
Posted: Jul 05, 2012 8:28 AM
Ramtron rejects Cypress' raised offer

(Reuters) - Chipmaker Ramtron International Corp <RMTR.O> rejected Cypress Semiconductor Corp's <CY.O> second takeover offer in a month, saying it was still inadequate.

Cypress, which initially bid $2.48 per share on June 12, raised it on June 21 to $2.68 per share — its third offer in two years for its smaller rival.

At $2.68 per share the offer is worth $95 million.

"We continue to believe the offer fails to reflect the company's strengthened competitive position, enlarged addressable market and progress being made toward expanding the company's product portfolio," Chairman William Howard said.

Ramtron shares were up 6 cents at $3.07 in trading before the bell on Thursday.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)