Cypress Semiconductor has written a letter to ISSI, proposing to acquire all of its shares at a price of US$ 19.75 per share compared to US$ 19.25 offered by China-based consortium.
The first paragraph of the letter Written by T.J. Rodgers President and Chief Executive Officer Cypress reads "On behalf of Cypress Semiconductor Corporation ("Cypress"), I am writing to formally convey our proposal to acquire 100% of the outstanding shares of common stock of Integrated Silicon Solution, Inc. ("ISSI") for $19.75 per share in cash. The board of directors of Cypress has approved this proposal. Our proposal is superior to the $19.25 per share sale price ISSI agreed to in the Agreement and Plan of Merger entered into with the "Consortium" on March 12, 2015 (the "Consortium Merger Agreement")."
What will the ISSI decide? Commit to earlier bidder or go for fresh higher bidder!