Integrated Silicon Solution Inc. on Tuesday received its latest
sweetened bid, as the competition for the chip maker shows no sign
of abating.
Uphill Investment Co., a consortium of Chinese investors led by
Summitview Capital, lifted its cash offer to $23 a share, or about
$736 million. The latest proposal tops the raised bid of $22.25 a
share, or $712 million, that Cypress Semiconductor Inc. submitted
Monday. It is a dollar higher than Uphill's last.
Cypress and Uphill have been battling for ISSI since March, when
Uphill first offered to buy the California company for $19.25 a
share, or about $640 million.
ISSI on Tuesday set a shareholder vote for June 29 to consider
the new Uphill proposal. Before the latest Cypress bid, ISSI was
set to vote on an Uphill merger this week.
The company's board continues to recommend that ISSI's
stockholders vote in favor of the Uphill tie-up, ISSI said in a
statement Tuesday.
ISSI shares, up about 36% since the takeover saga started, were
unchanged premarket. Cypress shares rose modestly.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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