Cypress revised buyout bid not superior to $738.3M deal already in place with Uphill

IndustriesAssociated Press

Chipmaker Integrated Silicon Solution Inc. said Friday that its board has decided that Cypress Semiconductor Corp.'s revised buyout offer is not superior to the approximately $738.3 million deal it already has in place with Uphill Investment Co.

ISSI said that Cypress' "best and final" offer was $22.60 per share, plus an additional fee of 10 cents per share for each additional three months required to get regulatory approval for a transaction. The fee would begin to accrue daily starting on Oct. 1, up to a maximum of 20 cents per share.

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ISSI said that Cypress' offer was below the $23 per share that China-based Uphill Investment bid.

A special meeting for ISSI shareholders is scheduled for June 29 to consider approval of the Uphill acquisition.

ISSI and Uphill still expect the deal to close in 2015's third quarter.

Shares of Integrated Silicon Solution Inc. gained 10 cents to $22.11 in morning trading.