Semiconductor has once again upped its bid for fellow chip maker Integrated Silicon Solution Inc., extending the takeover battle with Uphill.
Cypress on Monday sweetened its offer to $712 million, or $22.25 a share, a dollar higher than its last bid a
nd topping the $22 a share offer from Uphill on Friday.
Uphill, a consortium of Chinese investors led
by Summitview Capital, first proposed buying ISSI
in March for $19.25 a share, or about $640 million.
In a letter to ISSI Chief Executive Jimmy Lee, Cypress said it “places strategic, not just financial, value on the acquisition of ISSI.”
Last week, Cypress introduced a “ticking fee” of 10 cents a share for each additional quart
ired to obtain regulatory approval and maintained that part of the offer in its latest proposal.
ISSI had expressed concerns over regulatory approval, but the companies earlier said they ironed out the issues.
The company on Friday set a special meeting on June 25 for shareholders to consider the latest Uphill offer.
A representative for ISSI was not immediately available to comment.