Cypress ups ISSI buyout offer to $20.25 per share, beats Uphill deal

Reuters News
|
Posted: May 29, 2015 10:33 PM

(Reuters) - Cypress Semiconductor Corp raised its offer to buy Integrated Silicon Solution Inc to $20.25 per share, beating Uphill Investment Co's increased offer made earlier on Friday.

The offer is the latest step in a battle to acquire ISSI.

Uphill had raised its original offer to $20 per share from $19.25, to which ISSI had agreed.

That bid came after ISSI had announced it received an offer from Cypress earlier this month for $19.75 per share.

Cypress, in a letter to ISSI's board, said it looks to compete better with full service global memory chip manufacturers following the deal.

ISSI had originally agreed in March agreed to be acquired by a Chinese consortium led by Summitview Capital for $19.25 per share.

ISSI's shares closed at $20.52 share on the Nasdaq on Friday.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Leslie Adler)