Semiconductors and Components

Bidding War for ISSI Continues

15 June 2015

The bidding war for Integrated Silicon Solution Inc. (ISSI) between Cypress Semiconductor Inc. and a consortium of Chinese venture capital firms led by Summitview Capital rages on.

ISSI (Milpitas, Calif.) currently is set to be acquired by the consortium—known collectively as the Uphill Investment Co.—for $21 per share, or slightly less than $700 million in total.

The latest agreement with the Uphill group was announced just one day after ISSI said it signed a definitive agreement to be acquired by Cypress for $20.25 per share, or about $675 million. After the latest deal with Uphill, ISSI said that agreement with Cypress is now off the table.

ISSI plans to hold a special meeting of stockholders on June 19 to consider the Uphill offer. The company says its board of directors continues to recommend that ISSI's stockholders vote in favor of the Uphill deal.

Previously, Uphill initially made a bid for ISSI at a price of $19.25 per share. Cypress followed up that offer with a price of $19.75 per share. Uphill then raised its offer to $20 per share causing Cypress to raise its bid to $20.25 per share in cash.

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