More than two months after Simtek Corp. turned down a $36.4 million acquisition offer from Cypress Semiconductor Corp., stockholders are still waiting for news about what comes next.
Simtek Chairman Robert Pearson told stockholders at the company’s June 19 annual meeting in Colorado Springs that “the process is still very much alive and we are actively working with our (financial) advisers,” but declined to answer questions.
The company released a statement last week that it continues to “explore various strategic alternatives in order to maximize long-term value for stockholders” and it continues to “actively work on such alternatives with our advisors,” but offered no specifics on what those alternatives might be or when it might choose one of the options.
Simtek hired Palo Alto, Calif.-based Pagemill Partners LLC in February to evaluate its “strategic options.”
Simtek turned down a $2.20-a-share offer in April from Cypress, one of its largest shareholders, saying it “significantly undervalued” the company.
Simtek’s stock fell Tuesday to a five-year low of $1.70 before rallying back to $1.86 on Wednesday