Cypress Semiconductor Raises Offer For Integrated Silicon Solution To $22.60/shr

(RTTNews) - Cypress Semiconductor Corp. (CY) said that it has increased its offer to acquire Integrated Silicon Solution Inc. (ISSI) to a price of $22.60 per share, while maintaining its previously outlined ticking fee of $0.10 per share per quarter beginning October 1, 2015.

Cypress Semiconductor noted that it submit our best and final offer for Integrated Silicon Solution, Inc.

Cypress noted that it strongly believe that its Revised Offer clearly represents a superior, risk-adjusted proposal to the transaction contemplated by the current Agreement and Plan of Merger with Uphill Investment Co.

Cypress stated that its Revised Offer demonstrates committed financing, eliminates regulatory risk by agreeing to possible ISSI SRAM divestitures, and includes a ticking fee to compensate for any unforeseen delay in closing. Additionally, it continues to believe that a transaction with Cypress would benefit not only ISSI shareholders, but also ISSI customers due to the increased breadth and strategic capabilities of the product offerings of the combined companies.