Cypress Raises Bid for Integrated Silicon to $22.25 a ShareMeenal Vamburkar
Cypress Semiconductor Corp. again increased its offer to acquire Integrated Silicon Solution Inc., continuing a weeks-long bidding war with Uphill Investment Co. over the chip company.
Cypress raised its bid to $22.25 a share from $21.25, the San Jose, California-based company said Monday in a statement. The new offer values Milpitas, California-based ISSI at $740 million. Cypress said it would maintain the previous “ticking” fee, which adds 10 cents a share to the offer for each quarter required to gain regulatory approval, and would put a previously negotiated agreement with ISSI into escrow.
Uphill on Friday increased its offer to $22 a share.
ISSI shares rose 1.8 percent to close at $22.51, their highest level since September 2000. Cypress rose less than 1 percent to $12.74.
Cypress and Uphill have been making competing offers for several weeks during a record year for mergers and acquisitions in the semiconductor industry. The trend comes in response to rising costs and a more concentrated customer base.
ISSI designs chips -- primarily SRAM and DRAM memory products -- for the auto, communications, industrial and consumer markets.
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