Cypress Semiconductor Boosts Offer For Integrated Silicon Solution

(RTTNews) - Cypress Semiconductor Corp. (CY) said Friday that it has sent a letter, formally conveying its proposal to acquire 100% of the outstanding shares of common stock of Integrated Silicon Solution, Inc. (ISSI) for $20.25 per share in cash.

Cypress said its proposal is superior to the $20.00 per share sale price ISSI announced earlier Friday.

"Given that our proposal is financially superior, has significantly less closing risk than the consortium's proposal (e.g., CFIUS, Taiwan divestitures), and has no financing risk or conditions, Cypress asks that your board of directors immediately determine that the terms of the attached Merger Agreement constitute a "Superior Proposal" under the terms of the Agreement and Plan of Merger, dated March 12, 2015, by and between ISSI and Uphill Investment Co.," Cypress wrote in the letter.

Earlier Friday, Integrated Silicon Solution said that it has entered into an amendment to its merger agreement with Uphill Investment. Under the terms of the amendment, the merger consideration was increased to $20.00 per share in cash, from the $19.25 per share in cash pursuant to the Agreement of Merger dated as of March 12, 2015.

On May 13, Cypress Semiconductor had sent a letter, conveying its proposal to acquire 100% of the outstanding shares of common stock of Integrated Silicon Solution for $19.75 per share in cash.