COLORADO SPRINGS, Colo. (AP) — Ramtron International Corp. on Monday rejected a new offer from fellow chipmaker Cypress Semiconductor Corp., saying Cypress' revised bid for the company is still too low.
Ramtron said the offer undervalues its growth prospects, including a new manufacturing agreement.
Cypress offered to buy Ramtron for $2.48 per share on June 12, raised its offer to $2.68 per share on June 21, and increased it again to $2.88 per share on Aug. 27. The latest bid values Ramtron at about $109 million.
Shares of Ramtron closed at $1.81 on June 11 and slipped a penny to $2.81 in morning trading Monday. Cypress shares lost 10 cents to $12.35.
The board of directors has urged Ramtron shareholders not to tender their stock in support of Cypress' offer. Ramtron is based in Colorado Springs, Colo.
Cypress, which is based in San Jose, Calif., also offered to buy Ramtron in 2011.