Review for Integrated Silicon Solution's Takeover Is Extended
16 Septembre 2015 - 3:40PM
Dow Jones News
Chip maker Integrated Silicon Solution Inc. said Wednesday that
the review period for its pending acquisition by a consortium of
Chinese investors has been extended to 45 days.
ISSI had been the target of a monthslong takeover battle between
Uphill Investment Co., a group of Chinese investors led by
Summitview Capital, and rival Cypress Semiconductor. Uphill first
proposed buying ISSI in March for $19.25 a share, or about $640
million, and eventually won the tug of war with its $23-a-share bid
that values ISSI at about $736 million.
The California-based company said the Committee on Foreign
Investment in the U.S. extended its review and will undertake a
more thorough investigation. According to the CFIUS, for some
transactions—including those that would result in the transfer of
control of "critical infrastructure" to a foreign person—the
committee is required to conduct a 45-day investigation.
CFIUS has indicated that the investigation will be completed no
later than Nov. 2, according to ISSI.
The company now expects to complete the transaction in the
fourth quarter. Previously, ISSI anticipated closing the deal in
the third quarter.
ISSI had said it preferred the Uphill tie-up to one with Cypress
in part because of regulatory concerns.
Shares in the company, up about 35% this year, were inactive
premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 16, 2015 09:25 ET (13:25 GMT)
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