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Electronics Production | August 03, 2008

Cypress buys Simtek

Cypress Semiconductor and Simtek have reached an agreement whereby Cypress will acquire Simtek in an all cash transaction for $2.60 per share of Simtek common stock, or an aggregate value of approximately $46 million (including the value of Simtek shares held by Cypress).
The transaction will be structured as a cash tender offer for all of the outstanding shares of Simtek common stock and is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in or prior to the fourth calendar quarter of 2008.

Cypress currently holds approximately four-percent of Simtek's outstanding common stock and has been marketing and licensing Simtek's technology since engaging in a joint product development agreement with Simtek in March 2006.

"Simtek's nvSRAM technology combines with our S8 (0.13-micron) design platform to provide outstanding features and functions for the embedded marketplace," said Ahmad Chatila, executive vice president of Cypress's Memory and Imaging Division. "We are looking to integrate this technology into many of our products, including our PSoC® Programmable System-on-Chip™, providing a highly integrated control and power failure solution for complex analog and digital systems."

Robert Pearson, chairman of the board of Simtek, added: "This is the result of a long and rigorous process of evaluating the Company's strategic alternatives. Cypress's global presence and manufacturing muscle along with its longstanding expertise in SRAMs will accelerate acceptance of Simtek's world-class nvSRAM technology by broader markets and application areas. Simtek's worldwide team of technical and business professionals is excited to become a part of Cypress's globally recognized and respected team."
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