Flash memory and storage product maker Silicon Storage Technology Inc. (SSTI) announced Friday that its board has agreed to allow the company to be taken private by Profit Equity LP, a private equity firm that offered the company $201 million or $2.10 a share.

“After an extensive review of strategic alternatives with company management and our financial advisors, we determined this all-cash sale of the company with a go-shop provision is in the best interests of the company's shareholders," said Ronald Chwang, chairman of the Strategic Committee, in a statement.

The offer represents a 13% premium to the company’s closing price on Thursday, Silicon Storage said. The company expects the deal to close in the second quarter of 2010.

Shares of Silicon Storage rose 38 cents or 20.43% in Friday’s session to close at $2.24 a share.