Uphill raises bid for ISSI to USD 21 p/s

June 11 (SeeNews) –A Chinese investor consortium now called Uphill Investment Co has increased its takeover bid for US fables semiconductor company Integrated Silicon Solution Inc (NASDAQ:ISSI) to USD 21 (EUR 18.6) per share in cash from USD 20 earlier, the target said on Thursday.

Since Uphill’s latest offer is superior to the USD 20.25 per share bid of rival suitor Cypress Semiconductor Corp (NASDAQ: CY), the company’s board has determined that the proposal of Cypress no longer constitutes, according to the statement.

ISSI will hold a special meeting with shareholders to consider approval of Uphill’s proposal, with its board continuing to recommend investors to vote in favour of the bid.

On Wednesday, ISSI signed a definitive deal to be acquired by Cypress Semiconductor for USD 20.25 per share in cash, two days after the parties said they had failed to reach a merger agreement due to potential antitrust concerns.

(USD 1 = EUR 0.888)

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