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In March 2015, Cypress and Spansion completed of the transactions of the merger in an all-stock, tax-free transaction valued at approximately $5 billion. Cypress shareholders approved the issuance of 2.457 shares of Cypress stock to Spansion shareholders for each Spansion share they own.
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The companies valued the deal at $4 billion. They expected it to close in the first half of 2015 and to cut annual costs by $135 million within three years. Cypress President and CEO TJ Rodgers was the CEO of the combined company, which was expected to have $2 billion in annual revenue. Spansion Chairman Ray Bingham was the non-executive chairman.
He is the founder of Cypress Semiconductor and holds patents ranging from semiconductors to energy to winemaking. Rodgers is known for his public relations acumen, brash personality, and strong advocacy of laissez-faire capitalism. He stepped down as Cypress CEO in April 2016 and Director in August 2016 after serving for 34 years. [2]
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For premium support please call: 800-290-4726 more ways to reach us
For premium support please call: 800-290-4726 more ways to reach us
The following is a list of publicly traded companies having the greatest market capitalization, sometimes described as their "market value": [1]. Market capitalization is calculated by multiplying the share price on a selected day and the number of outstanding shares on that day.