Integrated Silicon shareholders okay deal with Uphill

June 30 (SeeNews) – The shareholders of Integrated Silicon Solution (NASDAQ:ISSI) have given the greenlight to the company's proposed acquisition by Chinese consortium Uphill Investment Co, the US semiconductor producer said on Monday.

Uphill will pay USD 23 (EUR 20.5) per ISSI share in a transaction expected to close in the third quarter. The deal is contingent on the completion of the restructuring of ISSI's operations in Taiwan and on gaining approval by the Committee on Foreign Investment in the United States (CFIUS).

Uphill raised its offer to buy ISSI to USD 23 per share from USD 22 per share last Tuesday. Two days later, rival suitor Cypress Semiconductor Corp (NASDAQ:CY) sweetened its offer to USD 22.6 per share. Its previous bid, filed on June 22, was USD 22.25 per share.

Based on shares outstanding as of May 1, Uphill’ bid values ISSI at about USD 730.5 million, Reuters estimated.

(USD 1 = EUR 0.894)

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