Silicon Valley fabless chip company ISSI said Wednesday that its acquisition by a Chinese consortium will close in the third quarter.
We currently expect to complete the transaction in the third calendar quarter. As part of this process, our special meeting of stockholders to consider the transaction has been scheduled for June 3, 2015, the Milpitas-based Integrated Silicon Solution Inc. said.
The announcement came in a second-quarter earnings report. ISSI reported sales of $80.1 million, compared to $80.9 million in the second fiscal quarter of 2014. Profit was $1.1 million, or 3 cents a share, down from $8.8 million or 28 cents a share in the March 2014 quarter.
In March, a Chinese consortium led by investment funds in Shanghai and Beijing offered to buy ISSI for $639 million, or $19.25 a share. ISSI designs and sells specialty memory chips globally, including to U.S. companies that supply the aerospace industry and military.
China is the world s largest market for integrated circuits, but dependent on imported technology for them, China is expected to spend up to $100 billion on investment and acquisitions to grow its semiconductor industry by more than 20 percent annually over the next five years.
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