Cypress Semiconductor Corp. (CY) announced the completion of its initial tender offer for all of the outstanding stock of Ramtron International Corp.(RMTR).
The initial offering period expired on October 9, 2012. Computershare Inc., the depositary for the tender offer, has advised Cypress that as of such time 23.29 mllion shares had been validly tendered and not withdrawn, representing, together with shares beneficially owned by Cypress, a total of approximately 70% of Ramtron's outstanding stock. An additional 559,785 shares were tendered subject to guaranteed delivery procedures, representing approximately 2% of Ramtron's outstanding stock. All shares validly tendered and not withdrawn were accepted for payment.
Cypress also announced that it would make available a subsequent offering period commencing immediately and expiring at 5:00 p.m., New York City time, on October 17, 2012, unless extended. The subsequent offering period will provide Ramtron stockholders who have not tendered their shares with the opportunity to do so.
During the subsequent offering period, any shares validly tendered will be immediately accepted for payment, and tendering stockholders will promptly be paid $3.10 per share in cash, less any withholding taxes and without interest, which is the same amount per share that was offered and paid to Ramtron stockholders who tendered into the initial offering period.
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