Integrated Silicon Solution Inc. investors voted Monday to approve the company’s purchase by Uphill Investment Co., ending a bidding war over the chipmaker.
Shareholders supported the $23-a-share offer by the China-backed investment group. The bid values ISSI at more than $731 million based on 31.8 million shares outstanding, according to data compiled by Bloomberg. The transaction’s closing, planned for the third quarter, is dependent on the restructuring of company assets in Taiwan and approval from the Committee on Foreign Investment in the U.S., Milpitas, California-based ISSI said in a statement.
Semiconductor-industry mergers and acquisitions have reached a record this year. The purchase of ISSI is also the latest step by China to obtain assets and technical capabilities that will help boost its domestic chip industry, part of an effort to reduce the country’s reliance on imports.
The Uphill investment group prevailed over efforts by Cypress Semiconductor Corp. to acquire its rival. The two traded increasing bids until Cypress made what it called a final offer of $22.60 a share last week.