Cypress Semiconductor Corp. will not pursue a counter-acquisition attempt for Atmel Corp. after its bid to buy the fellow semiconductor vendor expired.
Cypress submitted a bid to Atmel’s Board of Directors after Dialog Semiconductor agreed to buy the automotive and Internet of Things (IoT) chipmaker for $4.6 billion earlier this month. The company had originally submitted a proposal that was superior to Dialog’s cash-and-stock deal, but Atmel failed to act on the proposal before the bid expired.
Cypress says in a statement that it withdrew its interest in an acquisition of Atmel after the offer expired and it “regularly evaluates acquisition opportunities to complement its existing business.”
This is the second time this year that Cypress has failed to successfully counter-bid a proposed acquisition. Earlier this year, it entered into a bidding war with Uphill Investment Co., a Chinese consortium led by Summitview Capital, over the acquisition of Integrated Silicon Solutions Inc. (ISSI). After about a month of back and forth where each of the companies outbid the other for ISSI, Uphill won out with a bid that was superior to the Cypress bid.
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