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ISSI on Google Finance
Uphill’s original bid in March was at $19.25 a share valuing ISSI at $639 million.
Then Cypress CEO T.J. Rodgers jumped in with a bid of $20 a share valuing it at $672.7 million.
On Wednesday the company said it had agreed a sale with Cypress but on Thursday it said it had recommended Uphill’s offer to shareholders.
It is now for Cypress to trump $21 although ISSI says that Cypress cannot be ‘reasonably expected’ to make a higher bid
The company is on the block because of pressure from activist investor Starboard Value.
It has been reported that the Chinese want ISSI to be the lynch-pin of a move to create a China-based DRAM industry.
See also: Cypress bids for ISSI
