Ramtron Gets Hostile Bid From Cypress Semiconductor

Colorado Springs-based Ramtron, a developer of memory semiconductors, reported today that it has received a unsolicited proposal from Cypress Semiconductor Corp, the acquire all of the outstanding stock of the firm at $2.48 per share in cash. Ramtron said its board will review and consider the proposal along with advice from its financial and legal advisors. The firm said it is being advised by Needham & Company, as well as Shearman & Sterling LLP. The offer is valued at $87.5M.