Cypress Semiconductor CorporationNASDAQ
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  • Tue, Aug. 30, 2:24 PM
    • While nothing material is confirmed to have transpired, shares of Cypress Semiconductor (CY +6%) are elevated on a rumor TPG Capital could be ready to offer $15 per share in a buyout.
    • Shares are trading at a 9.64M volume level over a 6.25M average.
    | Tue, Aug. 30, 2:24 PM | 13 Comments
  • Thu, Jul. 14, 3:21 PM
    • China's Summitview Capital, is reported by Betaville's Ben Harrington to have submitted a $14 per share bid that's been rejected by Cypress (CY +5%), which is holding out for $15.
    • Craig-Hallum's Anthony Stoss says the company is in play with potentially multiple bidders interested, and reminds that last year, Summitview got into a bidding war with Cypress over Integrated Silicon Solutions (Cypress eventually backed down). He remains a buyer of Cypress and sees upside to his $12 price target.
    • Today's big gain has Cypress up to $11.46.
    | Thu, Jul. 14, 3:21 PM | 8 Comments
  • Thu, Apr. 28, 11:28 AM
    • Along with its Q1 results, Cypress Semi (CY +2.7%) announces it's buying Broadcom/Avago's (AVGO +1.1%) wireless IoT chip unit, which sells, Wi-Fi, Bluetooth, and Zigbee chips, for $550M in cash. Cypress is also acquiring Broadcom's WICED IoT brand and related SDK/developer ecosystem.
    • With the Broadcom unit having revenue of $189M during the last 12 months, Cypress is paying 2.9x trailing sales. The deal is expected to close in Q3.
    • Cypress: "The acquisition strengthens Cypress's position in key embedded systems markets, such as automotive and industrial, and establishes it as a leader in the high-growth consumer IoT market, a segment that includes wearable electronics and home automation solutions."
    • Broadcom notes the deal doesn't cover its wireless connectivity offerings for phones, notebooks, set-tops, and Wi-Fi access points. The company has said it's looking to divest some assets in the wake of the Broadcom/Avago merger, as it tries to streamline its offerings and pay off some of the debt taken on to help finance the merger.
    • Separately, Cypress states long-time CEO T.J. Rodgers will step down this week. While the board searches for Rodgers' successor, daily operations will be handled by an Office of the CEO featuring several senior execs.
    • Rodgers: "This March, Valeta and I celebrated my 68th birthday in Mexico. Upon reflection, while I am still passionately interested in Element 14, silicon, I have always planned not to be spending most of my time in the last decade of my career immersed in the details of the operations ... And, to be completely candid, the board and even the executive staff have urged me to bring new blood into operations." He'll continue to work on some projects for Cypress.
    • Cypress is guiding for Q2 revenue of $440M-$470M and EPS of $0.10-$0.14, in-line with a consensus of $454.8M and $0.11. Both Cypress and Broadcom are higher.
    | Thu, Apr. 28, 11:28 AM | 7 Comments
  • Dec. 29, 2015, 12:59 PM
    •'s Dan Nathan observed on CNBC a trader bought 31K Cypress Semi (NASDAQ:CY) June 11/13 call spreads yesterday at $0.33 apiece. In effect, the trader is betting $1M Cypress (currently at $9.91) will be above $11.33 before the options expire.
    • Nathan speculates the trader could be wagering Cypress (closed a merger of equals with Spansion earlier this year) will be acquired as the semi industry's M&A wave continues. Two microcontroller rivals (NXP and Freescale) have merged this year, and another (Atmel) is weighing multiple buyout offers, with one of the suitors reportedly being yet another rival (Microchip).
    • Cypress, which is trading ex-dividend today, remains down 29% YTD; like many peers, a chip inventory correction has weighed on the company. Shares go for 15x a 2016 EPS consensus of $0.67.
    | Dec. 29, 2015, 12:59 PM | 3 Comments
  • Sep. 28, 2015, 12:42 PM
    • Following a Reuters report noting its interest in fellow microcontroller vendor Atmel (ATML -0.1%), Cypress Semi (CY -3.4%) admits it submitted a buyout offer to Atmel's board, but adds the offer has expired and that Cypress "has withdrawn its interest" in a deal.
    • Atmel, which has agreed to cash/stock deal with Dialog Semi (OTC:DLGNF), has returned its morning gains, while Cypress (though off its lows) remains down strongly. The Nasdaq is down 2.3%.
    | Sep. 28, 2015, 12:42 PM | 1 Comment
  • Sep. 28, 2015, 7:51 AM
    • Atmel (NASDAQ:ATML+6.6% premarket following a Reuters report that Cypress Semiconductor (NASDAQ:CY) is working on an offer to acquire the company that agreed earlier this month to sell itself to Dialog Semiconductor (OTC:DLGNF).
    • CY has told ATML it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6B when it was announced on Sept. 20, according to the report.
    • A merger with ATML would be transformational for CY, which has a market capitalization of just $2.9B.
    | Sep. 28, 2015, 7:51 AM
  • Jul. 1, 2015, 9:33 AM
    • Following a protracted bidding war, Integrated Silicon (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 (NASDAQ: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
    | Jul. 1, 2015, 9:33 AM
  • Jun. 26, 2015, 9:28 AM
    • A day after Cypress (NASDAQ:CY) made a $22.60/share bid for Integrated Silicon (NASDAQ:ISSI) declared to be its "best and final offer," ISSI says it has "determined that the revised proposal from Cypress does not constitute, and would not be reasonably expected to lead to a Superior Proposal" relative to a $23.00/share offer from Chinese investor group Uphill.
    • ISSI +1.1% premarket to $22.25. The company will host a special meeting at 5PM ET on Monday to vote on the Uphill deal.
    • Separately, Cypress has announced a TrueTouch touch controller IC design win for Huawei's MediaPad X2 7" Android tablet. The company states the X2 is "the industry's thinnest tablet with a 7-inch display at just 7.18 mm thick, enabled in part by the TrueTouch solution's capability to support ultra-thin stackup layers in the touchscreen."
    | Jun. 26, 2015, 9:28 AM
  • Jun. 25, 2015, 12:45 PM
    • 3 days after hiking its offer for Integrated Silicon (NASDAQ:ISSI) to $22.25/share, Cypress Semi (CY -0.2%) has made a $22.60/share bid, while calling it the company's "best and final offer." That puts it below a revised $23/share offer recently issued by Chinese group Uphill.
    • ISSI has fallen to $22.25. The Uphill bid has an out clause for the lender providing financing for the deal, and (due to Taiwanese restrictions on Chinese asset ownership) is expected to require divestitures for ISSI's sizable Taiwanese ops.
    • ISSI plans to hold a June 29 special meeting to vote on Uphill's offer.
    • Prior Cypress/ISSI coverage
    | Jun. 25, 2015, 12:45 PM | 2 Comments
  • Jun. 22, 2015, 11:11 AM
    • Like clockwork, Cypress Semi (CY +0.2%) has topped the revised $22.00/share offer for Integrated Silicon (ISSI +1.6%) made by Chinese investor group Uphill on Friday.
    • Cypress reiterates it has lined up financing, will pay both a $19.2M breakup fee and a $0.10/share "ticking fee" meant to address "any unforeseen delay in closing," and doesn't face the Taiwanese asset sale requirements expected to be attached to an Uphill purchase.
    • With no sign that the bidding war is over, ISSI is now trading at $22.46.
    • Prior Cypress/ISSI coverage
    | Jun. 22, 2015, 11:11 AM | 1 Comment
  • Jun. 19, 2015, 8:30 AM
    • The bidding war continues: Shortly after Cypress Semi (NASDAQ:CY) hiked its buyout offer for Integrated Silicon (NASDAQ:ISSI) to $21.25/share (while finally agreeing to pay a $19.2M termination fee), Chinese investor group Uphill has hiked its offer by $1 to $22/share, $2.75 above its original offer price.
    • ISSI has postponed a shareholder meeting to vote on the Uphill deal to June 25. The meeting was once set for June 3 ... and then for June 19.
    • ISSI +3.1% premarket to $22.12. After backing out net cash, the memory and analog/mixed-signal chipmaker's market cap is up to ~$570M.
    | Jun. 19, 2015, 8:30 AM | 1 Comment
  • Jun. 12, 2015, 4:47 PM
    • Integrated Silicon (NASDAQ:ISSI) plans to hold a June 19 shareholder meeting to vote on a revised $21/share buyout offer from Chinese investor group Uphill. The offer trumps the $20.25/share deal ISSI briefly agreed to with Cypress Semi (NASDAQ:CY), and is $1.75/share better than ISSI's original deal with Uphill.
    • Investors continue to bet the bidding war hasn't ended: ISSI closed today at $21.41. Cypress fell 1.5% to $12.84 on a down day for stocks.
    • Prior Cypress/ISSI coverage
    | Jun. 12, 2015, 4:47 PM | 2 Comments
  • Jun. 10, 2015, 9:17 AM
    • Integrated Silicon (NASDAQ:ISSI) has accepted to Cypress Semi's (NASDAQ:CY) $20.25/share buyout offer (issued less than 2 weeks ago), and is set to terminate a $20.00/share agreement to be acquired by Chinese investor group Uphill.
    • Uphill, which previously bid $20.00/share has until Sunday to provide an offer that ISSI deems superior to Cypress' bid. ISSI won't hold a shareholder meeting to vote on an acquisition bid until at least June 19; a $19.2M termination fee exists for the Uphill deal.
    • As part of its offer, Cypress is willing to divest ISSI's SRAM business to appease antitrust regulators. However, Cypress downplays antitrust concerns, arguing (among other things) the companies' SRAM overlap covers only 2% of their combined sales. The Uphill offer has its own share of regulatory questions, largely revolving around the fate of ISSI's Taiwanese ops.
    • Cypress has jumped to $13.30 premarket. ISSI -0.2% to $20.40.
    • Prior Cypress/ISSI coverage
    | Jun. 10, 2015, 9:17 AM
  • May 30, 2015, 3:46 PM
    • 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 (NASDAQ: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
    | May 30, 2015, 3:46 PM | 4 Comments
  • May 28, 2015, 2:39 PM
    • 13 days after authorizing buyout talks with Cypress Semi (CY +0.2%) in response to Cypress' $19.75/share offer, Integrated Silicon (ISSI) says it "has met several times with Cypress management and ... has provided Cypress with access to an electronic data-room containing requested documents."
    • No decision has been reached regarding accepting a Cypress offer. However, ISSI is delaying a shareholder meeting (previously set for June 3) for voting on the $19.25/share deal it struck with a Chinese consortium.
    • ISSI is trading ~$0.90 above the consortium's offer price, and ~$0.40 above Cypress' initial offer price.
    | May 28, 2015, 2:39 PM
  • May 15, 2015, 9:26 AM
    • Integrated Silicon (NASDAQ:ISSI) has recognized receipt of Cypress Semi's (NASDAQ:CY) $19.75/share buyout offer, and has determined "that the Cypress offer either constitutes or is reasonably expected to lead to a Superior Proposal," as defined in its existing deal to be sold to a Chinese group for $19.25/share.
    • Thus, ISSI thinks not entering into talks with Cypress would run contrary to "its fiduciary duties to the company stockholders." The company "currently expects to participate or engage in discussions or negotiations with Cypress regarding the offer and/or furnish information to Cypress in compliance with the applicable terms of the Merger Agreement."
    • The Chinese deal, which sparked a flurry of class-action suits, features a $19.2M termination fee in the event ISSI enters a deal deemed a superior proposal (among other things). (March 8-K filing)
    • The companies are adding to yesterday's gains: CY +0.7% premarket to $13.23, ISSI +1.7% to $20.48. Pac Crest argued yesterday an ISSI deal could be highly accretive to Cypress' EPS, and that the Chinese deal faces roadblocks from Taiwanese regulators. At the same time, Credit Suisse noted the Chinese group could up its bid, and that Cypress/ISSI's ~60% SRAM share could draw antitrust attention.
    | May 15, 2015, 9:26 AM