Integrated Silicon Buyout May Close Later Than Expected

Integrated Silicon Solution Inc. said the sale of the company to a consortium of Chinese investors may close later than expected due to the timing of a U.S. review of the transaction.

The chip maker and the buyers, which include Summitview Capital, have refiled a notice to the Committee on Foreign Investment in the U.S. due to information changes in the initial CFIUS notice.

The deal worth about $736 million was previously expected to close during the third calendar quarter. ISSI said Tuesday that completion is now expected late in the third quarter or early in the fourth quarter.

CFIUS, which includes representatives from more than a dozen departments and agencies across the U.S. government, reviews international transactions on national-security grounds.

As China's economy has grown, its companies are involved in more purchases that need U.S. approval, drawing concerns from lawmakers and from some U.S. competitors.

The consortium, known as Uphill Investment Co., agreed to buy ISSI in March and increased the value of the deal as ISSI also received an unsolicited buyout approach from Cypress Semiconductor Corp.

ISSI also said it submitted a regulatory application in Taiwan seeking approval for the sale of its Chingis Technology unit to MediaTek Capital Corp.

ISSI makes integrated circuits for automotive, communications, industrial and digital consumer markets and operates in the U.S., Europe and across Asia. In November, activist investor Starboard Value LP reported a stake in ISSI and criticized the company's recent acquisitions.

Write to Josh Beckerman at josh.beckerman@wsj.com

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(END) Dow Jones Newswires

August 18, 2015 19:25 ET (23:25 GMT)

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