If the images are RGB, use a Darken blending mode. If they're CMYK, use a Lighten blending mode.
For darken, take the lower value (Math.Min()) of each channel.
For lighten, take the higher one (Math.Max()).
//Darken pseudocode
for(int y=0;y<CompositionBitmap.Height;y++)
for(int x=0;x<CompositionBitmap.Width;x++){
CompositionBitmap[x,y].R=Math.Min(RedBitmap[x,y].R,CyanBitmap[x,y].R);
CompositionBitmap[x,y].G=Math.Min(RedBitmap[x,y].G,CyanBitmap[x,y].G);
CompositionBitmap[x,y].B=Math.Min(RedBitmap[x,y].B,CyanBitmap[x,y].B);
}
}