(AP) Cypress Semiconductor Corp. on Monday raised its all-cash bid to acquire rival chip-maker Ramtron International Corp. to $2.88 per share, or about $109 million.
Ramtron spokesman Lee Brown declined to comment on the increased offer from Cypress, which expires on Sept. 11.
The San Jose, Calif., company offered $2.48 per share for Ramtron on June 12 and raised its offer to $2.68 per share on June 21.
The latest bid represents a 59 percent premium over Ramtron's closing price of $1.81 per share on June 11.
Shares of Ramtron rose 22 cents, or 8.4 percent, to $2.85 in midday trading. Shares of Cypress dipped 2 cents to $11.83.
Cypress estimated the transaction value for its latest offer at $109.3 million, based on 37.9 million shares. That includes 35.4 million shares outstanding and stock options.
The company said that more than 3 million Ramtron shares had been tendered in support of its offer as of last Friday.
Ramtron, based in Colorado Springs, Colo., said in June that it would explore options including possibly selling the company. It had rebuffed the $2.68 offer from Cypress, calling it "inadequate." It rejected a bid from Cypress last year as well.