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Simtek Acquired By Cypress Semiconductor

Colorado Springs-based Simtek Corp, a manufacturer of nonvolatile static random access memory, was acquired late Friday by Cypress Semiconductor. The deal was worth $46M in cash, or $2.60 per share of Simtek common stock. According to Cypress Semiconductor, the deal will close in or prior to the firm\'s fourth calendar quarter of 2008. Details on local employment at Simtek were not released. Simtek has been looking for a buyer since February, when it hired an investment bank to consider an offer from Cypress to acquire the firm.