ISSI Enters Agreement to Be Acquired by Chinese Consortium of Investors

On March 12, 2015, Integrated Silicon Solution, Inc. (ISSI), a global fabless semiconductor company, and a Chinese consortium of investors led by Summitview Capital jointly announced that they have entered into a definitive merger agreement under which the consortium will acquire all of the outstanding shares of ISSI for US$19.25 per share in cash. The proposed transaction values ISSI's equity at approximately US$639.5 million. Wilson Sonsini Goodrich & Rosati is serving as U.S. legal counsel to ISSI in connection with the transaction.

In addition to Summitview Capital, the Chinese consortium members include eTown MemTek Ltd., Hua Capital, and Huaqing Jiye. ISSI's board of directors has unanimously approved the merger agreement and recommends that the ISSI stockholders vote to approve the merger agreement. The transaction, which is subject to approval by the stockholders of ISSI, as well as antitrust and other regulatory approvals, is currently expected to close in the third calendar quarter of 2015.

The WSGR team advising ISSI in the transaction includes the following:

Corporate:
Robert Suffoletta
Wes Watts

M&A:
Robert Ishii
Ethan Lutske

China:
Weiheng Chen
Jie Zhu

Tax:
Eileen Marshall

Employee Benefits & Compensation:
Scott McCall
Michael Montfort

Regulatory/CFIUS:
Don Vieira
Melissa Mannino

For more information, please see the joint press release on the transaction.