Cypress Semiconductor wants to acquire Simtek

By Lisa Kerner

Charlotte, N.C., April 11 - Cypress Semiconductor Corp. submitted a proposal to acquire Simtek Corp. for $2.20 per share.

The April 9 offer letter was included in a schedule 13D filing with the Securities and Exchange Commission.

Cypress said the offer is subject to completion of its business, financial and legal due diligence and other customary closing conditions.

The purchase price assumes the conversion into shares of Simtek common stock of all outstanding convertible debentures held by Renaissance Capital Growth and Income Fund III, Inc., Renaissance US Growth Investment Trust plc and US Special Opportunities Trust plc, at a conversion price of $2.20 per share, the letter said.

On Feb. 13 it was reported that Simtek's board of directors will review strategic options, including a statement of intent from Cypress, with the assistance of Pagemill Partners, LLC.

Simtek is a fabless semiconductor company located in Colorado Springs, Colo.

Cypress, with a 19.2% stake in Simtek, is a San Jose, Calif.-based semiconductor manufacturer.

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