Ramtron - FRAM - ESRAM (RMTR)

[eastunder]

Cypress-Ramtron offer: The deal that keeps on extending

http://www.bizjournals.com/sanjose/blog/2012/08/cypress-offer-to-buy-ramtron-.html?ana=yfcpc

Cypress Semiconductor Corp. said Monday it has extended the deadline — yet again — of its tender offer to buy all the outstanding stock of Ramtron International Corp. This time the deadline is until Aug. 24.

The offer is for $2.68 per share in cash, and was previously expected to expire Aug. 17.

In the journalism world, a deadline is a deadline. That's why your copy is due. That's when the paper goes to press. It's not intended or generally permitted to keep on extending, but apparently the semiconductor world has a different definition of a deadline.

The offer from Cypress (NASDAQ:CY) represents a 48 percent premium over Colorado Springs, Colo.-based Ramtron’s (NASDAQ:RMTR) closing price of $1.81 per share on June 11. The all-cash offer is not conditioned on due diligence or financing.

San Jose-based Cypress is a semiconductor design and manufacturing company.

Ramtron has rejected previous buyout offers from Cypress, saying they were not high enough. Click here to read about when the offer was extended until Aug. 3.

Greenhill & Co. LLC is acting as financial adviser to Cypress and dealer manager for the offer. Wilson Sonsini Goodrich & Rosati, Professional Corp. is acting as legal counsel.

Cypress first announced plans to buy Ramtron in June with an offer that represented a 37 percent premium to Ramtron's closing stock price on June 11.

Cypress continues to assert that it thinks the offer represents full and fair value, while providing Ramtron stock holders with immediate liquidity at a substantial premium. Cypress also announced a quarterly cash dividend of 11 cents per share, to be paid Oct. 18.