Integrated Silicon Solution Inc. on Friday said it received what
Cypress Semiconductor Corp. called its best and final offer, a sign
that the takeover fight for the chip maker may soon conclude.
Cypress raised its bid to $22.60 a share, or about $723 million,
up from the $22.25 a share, or $712 million, it proposed earlier in
the week. The bid includes a 10-cent-a-share tick fee for each
additional quarter needed to win regulatory approval, a gesture to
assuage ISSI's concerns over antitrust issues.
The latest from Cypress is below Uphill's most recent offer to
buy ISSI for $23 a share. Cypress and Uphill, a consortium of
Chinese investors led by Summitview Capital, have been vying for
the Silicon Valley company since March. Uphill first proposed
acquiring ISSI for $19.25 a share, or about $640 million.
ISSI on Friday said its board continues to view Uphill's offer
as superior. The company still plans to hold a shareholder vote on
Monday.
In a note this week on the takeover saga, analysts at B. Riley
noted ISSI has strategic value to both companies: For Uphill, it
offers a robust channel and blue-chip customer base for dynamic
random access memory production capability, and for Cypress it
would build on a recent acquisition and augment its static random
access memory business.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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