Bidding war: Cypress ups ISSI offer to $20.25/share

• Shortly after Integrated Silicon (NASDAQ:ISSI) agreed to a revised $20.00/share deal with the Chinese group (known as Uphill Investment) that it had previously struck a $19.25/share deal with, Cypress Semi (CY) has upped its offer by $0.50 to $20.25/share.
• Echoing sell-side arguments, Cypress argues its offer has "significantly less closing risk" due to lower scrutiny from U.S./Taiwanese regulators. Looking to calm antitrust fears about the Cypress/ISSI's SRAM market share, Cypress is also offering to license ISSI's SRAM IP for up to 3 years on a royalty-free basis. However, it refuses to pay ISSI's $19.2M termination fee for the Uphill deal.
• Investors are betting the bidding war isn't yet over: ISSI closed yesterday at $20.52.
• Prior Cypress/ISSI coverage