Simtek, a provider of nonvolatile static random access memory integrated circuits, has received a proposal from Cypress Semiconductor to acquire Simtek for $2.20 per share in cash. Simtek’s Board of Directors has reviewed Cypress’ proposal. The Board has concluded that the proposal significantly undervalues Simtek and that a sale of Simtek on the terms set forth in the proposal would not be in the best interests of Simtek's stockholders.