ISSI/Uphill deal approved; Cypress +3% on Barclays coverage

• Following a protracted bidding war, Integrated Silicon (NASDAQ:ISSI +0.3%) shareholders have approved a $23/share sale of the company to Chinese investor group Uphill - $3.75/share above the original Uphill deal price - thereby spurning a $22.60/share final offer from Cypress Semi (CY).
• The ISSI/Uphill deal is expected to close in Q3 "upon the satisfaction of the remaining closing conditions including completion of the restructuring of ISSI's operations in Taiwan and obtaining approval of the transaction by the Committee on Foreign Investment in the United States (CFIUS)." ISSI currently trades at $22.21.
• Meanwhile, Cypress is rallying after Barclays launched coverage with an Overweight rating and $15 target. In addition, Credit Suisse has reiterated an Outperform and $15 target. Shares closed on Tuesday 28% below a March high of $16.25, hit amid Spansion merger enthusiasm.
• Prior Cypress/ISSI coverage