Colorado Springs-based semiconductor maker International announced Wednesday that it is being bought by chipmaker Cypress Semiconductor Corp. in a transaction valued at $109.8 million.
“We are pleased to have reached an agreement with Ramtron,” said T.J. Rodgers, president and chief executive of San Jose, Calif.-based Cypress. “Ramtron and its employees have done an impressive job building a valuable technology base, providing the market with a full portfolio of innovative, low-power, nonvolatile memory solutions.”
The companies said the transaction represents a 71 percent premium to Ramtron’s closing price of $1.81 per share on June 11, the day before Cypress publicly disclosed its offer to Ramtron.
The boards of directors of both companies have approved the transaction.
Ramtron chairman William Howard said the Ramtron board sought a course “that would enable Ramtron stockholders to fully realize the value inherent in the long-term growth prospects of the company.”
