SAN JOSE, Calif. (AP) -- Cypress Semiconductor Corp. said Wednesday that it completed its initial tender offer for shares of chipmaker Ramtron International Corp.
A total of 23.3 million shares had been tendered by the time the initial offering period expired on Tuesday. Together with the shares already owned by Cypress, the company now owns about 70 percent of Ramtron's outstanding stock. An additional 559,785 shares were tendered subject to guaranteed delivery procedures, representing about 2 percent of the company's stock, Cypress said.
Cypress also said Wednesday that a subsequent offering period would start immediately and expire on Oct. 17, giving Ramtron shareholders who have not yet tendered their shares a chance to do so. Those shareholders will receive the same $3.10 per share in cash that shareholders received in the initial tender offer.
Cypress agreed to buy Colorado Springs, Colo.-based Ramtron in September for $3.10 per share, or a total of about $109.8 million, after lower bids were rebuffed by the company's board.
As a result of the initial tender offer, San Jose, Calif.-based Cypress said it currently has enough voting power to approve that deal without the support of any other Ramtron shareholder.
When the deal closes, shares not tendered will be converted into the right to receive $3.10 per share in cash and Ramtron shares will cease to be traded on the Nasdaq Global Market, Cypress said.
Cypress Semiconductor shares fell 11 cents to $10.29 in morning trading Wednesday, while Ramtron shares slipped a penny to $3.09.