Integrated Silicon bidding war hots up with Cypress's fresh offer

Reuters News
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Posted: Jun 25, 2015 1:57 AM

(Reuters) - The bidding war for Integrated Silicon Solution Inc intensified with rival chipmaker Cypress Semiconductor Corp further sweetening its offer to $22.60 per share.

However, the latest bid fell short of Chinese consortium Uphill Investment Co's increased offer of $23 per share.

Cypress said late on Wednesday its fresh offer will be its "best and final" for Integrated Silicon.

Cypress's latest offer values the company at about $718 million, compared with $730.5 million offered by Uphill on June 23, based on shares outstanding as of May 1.

Cypress's previous offer on June 22 was $22.25 per share.

The deal between Integrated Silicon and Cypress has been going through a series of ups and downs with the rivals failing to conclude it thrice since Cypress first launched its bid in early May, topping the consortium's initial offer of $19.25 per share in March.

Integrated Silicon had agreed for a sweetened bid from Uphill on June 19.

(Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier)