Uphill Raises Bid For Integrated Silicon Solutions To $22 a Share In Cash

Uphill Investment Co. on Friday raised its bid for chip maker Integrated Silicon Solution Inc. to $22 a share in cash, up from its previous offer of $21 a share in cash. Integrated Silicon Solutions said it has moved the date of a special shareholder meeting on the bid to June 25. The two companies--Uphill is a Chinese consortium--had agreed a deal in May that was upended when Cypress Semiconductor Corp. trumped it with a higher bid. The three have gone back and forth since then, until Cypress on Thursday revised its offer to $21.25. Integrated Silicon Solutions said it will recommend that shareholders vote for the Uphill bid. Shares were up 2% in premarket trade, and are up 29.5% in the year so far, while the S&P 500 is up just 3%.