Acquired Electronics360

Processors

ISSI Expects to Meet with Cypress on Bid

25 May 2015

Integrated Silicon Solution Inc. (ISSI) said it would likely participate in negotiations with Cypress Semiconductor Corp. over Cypress’s recent unsolicited bid to acquire ISSI for about $658 million.

Cypress recently sent an open letter to ISSI’s CEO and executive chairman expressing its interest in acquiring ISSI for $19.75 per share. ISSI had in March agreed to be acquired by a consortium of Chinese venture capital firms led by Summitview Capital for $19.25 per share, or about $640 million.

ISSI's board of directors concluded after consultation with its financial advisor and legal counsel that the Cypress bid was superior to the consortium’s offer. Failure to negotiate with Cypress following the proposal would be inconsistent with its fiduciary duties to stockholders, ISSI says.

“ISSI currently expects to participate or engage in discussions or negotiations with Cypress regarding the offer and/or furnish information to Cypress” in compliance with the merger agreement with the Summitview consortium, Cypress says.

Questions or comments on this story? Contact dylan.mcgrath@ihs.com

Related links and articles:

IHS Semiconductors & Components

News articles:



Powered by CR4, the Engineering Community

Discussion – 0 comments

By posting a comment you confirm that you have read and accept our Posting Rules and Terms of Use.
Engineering Newsletter Signup
Get the Engineering360
Stay up to date on:
Features the top stories, latest news, charts, insights and more on the end-to-end electronics value chain.
Advertisement
Weekly Newsletter
Get news, research, and analysis
on the Electronics industry in your
inbox every week - for FREE
Sign up for our FREE eNewsletter
Advertisement

CALENDAR OF EVENTS

Date Event Location
30 Nov-01 Dec 2017 Helsinki, Finland
23-27 Apr 2018 Oklahoma City, Oklahoma
18-22 Jun 2018 Honolulu, Hawaii
Find Free Electronics Datasheets
Advertisement