Cypress Semiconductor Corp. raised its takeover offer for the chipmaker Integrated Silicon Solution Inc., as it continues its bidding war with China's Uphill Investment Co.
Cypress is now bidding $22.60 per share, or $717.8 million, which it says is the maximum price justified for Integrated. That still falls short of Uphill's $23 per share, or $730.5 million, cash offer on Tuesday.
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That Uphill offer was actually a response to Cypress' fattened offer of $22.25 per share on Monday, which topped Uphill's prior offer of $22 per share.
The latest Cypress offer also retains the company's previous proposal to add an additional 10 cents per share for every quarter it takes to close the deal, starting in October.
Shares of San Jose, California-based Cypress Semiconductor fell 32 cents to close at $12.36 on Wednesday. Shares of Milpitas, California-based Integrated Silicon Solution rose 17 cents to close at $23.54.