SAN FRANCISCOŚCypress Semiconductor Corp. said Monday (Aug. 27) it increased its offer to acquire FRAM vendor Ramtron International Corp. for a second time.
Cypress (San Jose, Calif.) said it increased its all-cash offer for Ramtron to $2.88 per share, or around $100 million.
Previously Cypress had offered $2.68 per share and, before that, $2.48 per share to acquire Ramtron (Colorado Springs, Colo.). Last year, Cypress offered to acquire Ramtron for $3.01 per share.
According to Cypress, the new offer represents a 59 percent premium over Ramtron's closing price of $1.81 per share on June 11, the day before Cypress publicly disclosed its offer for Ramtron.
Ramtron's board of directors last month rejected the $2.68 per share offer from Cypress and said it entered discussions with "major semiconductor companies" about a potential strategic transaction.
Cypress's latest tender offer for Ramtron shares is scheduled to expire at 5 p.m. Eastern Standard Time on Sept. 11. Cypress has extended the deadline for the offer several times.
In a statement, T.J. Rodgers, Cypress president and CEO, said his firm is now in discussions with Ramtron's financial advisors. "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 Ramtron's stockholders," Rodgers said.