Company still has not responded to Chapman. This will get interesting. Perhaps finally unlock the CY value.
Full letter can be found on: www.chapmancapital.com
Chapman Capital Recommends Reorganization of Cypress Semiconductor Corporation
Split-Off of SunPower Corporation Stake, LBO Transaction Sought
LOS ANGELES, Dec. 29 /PRNewswire/ -- Chapman Capital L.L.C. today
announced that it has notified the Board of Directors of Cypress
Semiconductor Corporation (NYSE: CY) of its recommendation that Cypress
reorganize via a split-off and subsequent going-private LBO transaction. A
letter dated today from Robert L. Chapman, Jr., Managing Member of Chapman
Capital, has been sent to Cypress's full Board of Directors and is attached
hereto.
Mr. Chapman commented, "Like other significant owners of Cypress
Semiconductor, Chapman Capital has recommended that its Board of Directors
re-engage Credit Suisse to effect a corporate reorganization that separates
Cypress's core semiconductor operations from its controlling stake in
SunPower Corporation." Regarding Chapman Capital's growing concerns
regarding relatively immaterial Cypress share ownership by its Board of
Directors, Mr. Chapman stated further, "Cypress's core semiconductor
business, which Mr. Rodgers founded nearly 25 years ago, deserves a much
higher valuation than what it was ascribed the day Mr. Rodgers took it
public two decades ago. Mr. Rodgers has stated publicly, 'you and I are
going to make as much money as fast as we can on this.' Cypress's Board of
Directors, despite their insignificant percentage ownership of Cypress,
should expect that we are going to hold Mr. Rodgers to this promise."
Chapman Capital L.L.C. is a Los Angeles, CA based investment advisor
focusing on takeover and turnaround investing. The firm currently manages
over $300 million as the registered investment advisor to Chap-Cap Partners
II Master Fund, Ltd. and Chap-Cap Activist Partners Master Fund, Ltd., the
combined owners of approximately 1% of Cypress Semiconductor Corporation's
common shares. Over the past ten years, Chapman Capital has agitated
successfully for the restructuring or sale of over twenty publicly-traded
companies. Mr. Chapman previously was employed by Goldman Sachs & Co.,
Scudder Stephens, & Clark, and NatWest Bank USA. Related news releases, as
well as additional information on Chapman Capital, may be found at
chapmancapital.com.
Cypress Semiconductor Corporation designs, develops, manufactures, and
markets a line of digital and mixed-signal integrated circuits. The
Company's circuits are used in consumer, computation, data communications,
automotive, industrial, and solar markets. Leveraging proprietary silicon
processes, Cypress's product portfolio includes a broad selection of wired
and wireless USB devices, CMOS image sensors, timing solutions, specialty
memories, high-bandwidth synchronous and micropower memory products,
optical solutions and reconfigurable mixed-signal arrays. Related news
releases, as well as additional information on Cypress Semiconductor, may
be found at cypress.com.
Robert L. Chapman, Jr.
Managing Member |
