Cypress Semiconductor publicizes settlement proposal with activist group
Cypress Semiconductor issued Saturday the following statement regarding the status of settlement discussions with T.J. Rodgers, who was forced to resign as CEO in April 2016, and CypressFirst: "From the beginning, we recognized that a prolonged proxy contest would be a costly distraction and have attempted to resolve this situation in a constructive manner. In response to stockholder inquiries, we have decided to make public our final settlement proposal to T.J. Rodgers and CypressFirst, which is not subject to any confidentiality restrictions. Our final proposal includes expanding Cypress' board to eight members and immediately adding Dan McCranie and Camillo Martino, who will be appointed to appropriate committees. Importantly, the proposal is consistent with our position that any settlement agreement must include durable and meaningful standstill and non-disparagement provisions, lasting through Cypress' 2019 Annual Meeting."