Cypress Semiconductor has launched a bidding war for Integrated Silicon Solution, just two months after it had agreed to be acquired by a Chinese investor consortium.
Microsemi will buy the chip maker for nearly $390 million in a deal that could soon force Atmel and Silicon Labs into play.
Adobe Systems fell sharply after lowering its second quarter forecast. Oracle rises on third quarter earnings beat and dividend increase.
The acquisition target, a maker of communications chips, has been the subject of activist pressure since at least 2012.
Vitesse Semiconductor (VTSS) shares are rising after the company was purchased by Microsemi (MSCC) at a 32% premium over its 30 day trading average.