Orlando, FL 6/18/12 (StreetBeat) – Chipmaker Ramtron International Corp (Nasdaq:RMTR) turned down rival Cypress Semiconductor Corp's (Nasdaq:CY) offer to buy the company for about $87.6 million, and said it would explore other options including a sale.
Cypress's $2.48 per share offer does not reflect the intrinsic value of the company and is not in the best interest of stockholders, Ramtron said in a statement.
Cypress offered to buy Ramtron last week, reviving a previously undisclosed bid it made last year.
"The board intends to consider the full range of available options including, but not limited to, the potential sale of the company or continuing with the company's current growth plans," Ramtron said.
Cypress has been invited to participate in the process, Ramtron said.
Ramtron shares closed at $2.43 on Friday on the Nasdaq.
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