Integrated Silicon Solution Inc (ISSI) stockholders agreed during a special meeting on June 29 for the company to be acquired by a Chinese consortium led by Summitview Capital.
Earlier, Cypress Semiconductor Inc delivered its final and best offer to acquire ISSI for $22.60 per share. ISSI shareholders chose the higher offer from the Chinese group , known as Uphill Investment Co for $23 per share in cash.
A bidding war over the Milpitas, Calif.-based company erupted after Cypress sought to acquire the memory company after Uphill originally offered to buy the company for $19.25 per share.
ISSI and Uphill expect the acquisition to close in the third quarter of 2015, if closing conditions are met. Conditions include restructuring ISSI’s operations in Taiwan and obtaining approval of the Committee of Foreign Investment in the United States (CFIUS).
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