SiliconBeat

Integrated Silicon Solution fired a warning shot at potential acquirers last week when its board adopted an “ISSI Stockholder Rights Policy” that fell short of putting a plan in place but emphasized that “in the event that (the company) is the target of coercive or abusive takeover tactics, including opportunistic bids which fail to adequately take into account (the company’s) long-term value”, it was prepared to adopt a “stockholder rights plan,” AKA a poison pill.

The fabless San Jose semiconductor company has attracted two new greater-than-five-percent shareholders this year, according to recent SC-13G filings. Lloyd Miller now owns 1.3 million shares, or 5.1 percent, of ISSI according to a filing the investor made April 17. IN February, Renaissance Technologies said it had built up 7.8 million shares of ISSI.

We previously posted about comments by ISSI’s chief executive, Scott Howarth, who said “we believe demand has now stabilized and that customers are nearing the completion of their inventory reductions,” when the company released earnings for its fiscal 2009 second quarter.