Integrated Silicon Solution Inc. reached a 14-year high after Uphill Investment Co. increased its bid for the semiconductor company.
Uphill raised its offer to $22 a share from $21, ISSI said in a statement Friday. The Milpitas, California-based company recommended that shareholders approve the $732 million offer.
ISSI’s shares rose 3 percent to close at $22.11, their highest since September 2000. The trading above Uphill’s bid indicates that investors believe a higher offer may be made.
Uphill and Cypress Semiconductor Corp. have been in a bidding war over ISSI for several weeks during a record year for mergers and acquisitions in the semiconductor industry. Chipmakers increasingly are combining because of rising costs and a concentrated customer base.
On Thursday, Cypress increased its bid to $21.25 a share.
ISSI designs chips -- primarily SRAM and DRAM memory products -- for the auto, communications, industrial and consumer markets.