Cypress Semiconductor (CY) Stock Falls After Final Bid For Integrated Silicon Solution

NEW YORK (TheStreet) -- Shares of Cypress Semiconductor (CY) were falling 4.0% to $11.68 Friday after the chipmaker made its "best and final" offer to acquire Integrated Silicon Solution (ISSI), which failed to beat Chinese investment firm Uphill Investment's bid for the competitor chipmaker.

Cypress offered to buy Integrated Silicon for $22.60 a share with an additional fee of 10 cents a share added for every three months until the potential transaction gains regulatory approval, according to the Associated Press. The additional fee would start accruing on October 1 and increase to a maximum of 20 cents a share.

Integrated Silicon said that Cypress' offer was below Uphill Investment's offer of $23 a share. The company will hold a special shareholder meeting on June 29 to approve Uphill's acquisition offer.

The Integrated Silicon and Uphill deal is expected to close in the third quarter of 2015.

TheStreet Ratings team rates CYPRESS SEMICONDUCTOR CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate CYPRESS SEMICONDUCTOR CORP (CY) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and weak operating cash flow."

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