MoFo, Wilson Sonsini on Chinese Investors' $640M Take-Private Deal
Shanghai-based Summitview Capital is leading a Chinese consortium to buy U.S. chipmaker Integrated Silicon Solutions Inc. and delisted it from the Nasdaq.
March 16, 2015 at 02:20 AM
3 minute read
Morrison & Foerster and Wilson Sonsini Goodrich & Rosati have the lead roles on a $640 million deal that will see a group of Chinese investors acquire Nasdaq-listed semiconductor maker Integrated Silicon Solutions Inc.
The consortium, led by Chinese venture capital firm Summitview Capital, is offering to pay $19.25 apiece for Milpitas, California-based Integrated Silicon at $19.25 apiece, which is a 12 percent premium compared to the stock's closing price on March 11. The consortium also includes Beijing-based chipmaker eTown MemTek Ltd., private equity firm Hua Capital Management Ltd. and Huaqing Jiye Investment Management Co. Ltd. The latter two are both controlled by state-owned Tsinghua University, one of the top universities in China.
Integrated Silicon makes memory for computers, tablets, mobile phones and devices used in the automotive and medical industries. The company posted a $329 million revenue in 2014, and has offices in Shanghai and Hsinchu, Taiwan. The offer has been approved by Integrated Silicon's board of directors. The deal, subject to shareholder approval and antitrust reviews, is expected to close in the third quarter.
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