Cypress Semiconductor's acquisition of Simtek nears completion

By Lisa Kerner

Charlotte, N.C., Sept. 15 - Cypress Semiconductor Corp. said approximately 14,717,634 shares, or 83.91% of Simtek Corp.'s issued and outstanding shares, were validly tendered and not withdrawn in Cypress' offer for the company that ended Friday.

All validly tendered shares have been accepted for payment, a Cypress news release said.

Cypress, now with a total 87.75% stake in Simtek, said it intends to complete the acquisition of Simtek through a short-form merger "as soon as practicable."

The company intends to exercise its option to purchase newly issued Simtek shares at the $2.60-per-share offer price in order to achieve 90% ownership.

Simtek is a fabless semiconductor company located in Colorado Springs.

Cypress is a San Jose, Calif.-based semiconductor manufacturer.

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