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In 2019, under CEO Hassane El-Khouri, the company agreed to the offer of Infineon Technologies valued about $9 billions (that represents the all-cash buyout price of $23.85 per share). [32] This purchase price premium of 55% was the 4th highest premium paid for a public semiconductor company with greater than $1 Billion in value since 2014. [33]
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.
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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]