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Simtek turns down Cypress buyout proposal

Posted: 15 Apr 2008 ?? ?Print Version ?Bookmark and Share

Keywords:buyout proposal? non-volatile SRAM? NV SRAM?

Non-volatile SRAM (NV SRAM) pioneer Simtek Corp. confirmed it has received a buyout proposal from Cypress Semiconductor Corp. for $2.20 per share in cash.

Simtek's Board of Directors has reviewed Cypress' proposal with the assistance of management and Simtek's independent financial and legal advisors. Based on this review, Simtek's board has concluded that the proposal significantly undervalues Simtek, and that a sale of Simtek on the terms set forth in the proposal would not be in the best interests of Simtek's stockholders.

"In the Board's opinion, the Cypress proposal, significantly undervalues the combination of our core business in NV SRAMs and our AgigA Tech subsidiary through which we are developing and intend to take to market breakthrough high density non-volatile RAM solutions," said Robert Pearson, chairman of the board of Simtek. "We remain committed to building value for all of our stockholders and, as we have stated before, will continue to explore various strategic alternatives in order to maximize long-term value for stockholders. We intend to vigorously resist any attempt by Cypress to acquire Simtek at a price that does not adequately value the company and its growth opportunities."

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