conductor has once again upped its bid for fellow chip maker Integrated Silicon Solution Inc., extend
ing the takeover battle with Uphill.
Cypress on Monday sweetened its offer to $712 mil
lion, 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, valu
e on the acquisition
Last week, Cypress introduced a “ticking fee” of 10 cents a share for each additional quart
ired to obtain regulatory approv
al and maintained that part of the offer in its latest proposal.
ISSI had expressed concerns over regulatory approval, but the comp
anies 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.
ative for ISSI was not immediately available to comment.