Chip maker Integrated Silicon Solution Inc. said Wednesday that the review period for its pending acquisition by a consortium of Chinese investors has been extended to 45 days.

ISSI had been the target of a monthslong takeover battle between Uphill Investment Co., a group of Chinese investors led by Summitview Capital, and rival Cypress Semiconductor. Uphill first proposed buying ISSI in March for $19.25 a share, or about $640 million, and eventually won the tug of war with its $23-a-share bid that values ISSI at about $736 million.

The California-based company said the Committee on Foreign Investment in the U.S. extended its review and will undertake a more thorough investigation. According to the CFIUS, for some transactions—including those that would result in the transfer of control of "critical infrastructure" to a foreign person—the committee is required to conduct a 45-day investigation.

CFIUS has indicated that the investigation will be completed no later than Nov. 2, according to ISSI.

The company now expects to complete the transaction in the fourth quarter. Previously, ISSI anticipated closing the deal in the third quarter.

ISSI had said it preferred the Uphill tie-up to one with Cypress in part because of regulatory concerns.

Shares in the company, up about 35% this year, were inactive premarket.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

September 16, 2015 09:25 ET (13:25 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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