China's focus on semiconductor industry fuels bidding war for ISSI

New York

UPHILL Investment Co's deal to acquire Integrated Silicon Solution Inc (ISSI) after a six-week bidding war with Cypress Semiconductor Corp shows how determined China is to build up its own semiconductor industry.

ISSI's shareholders on Monday approved the China-backed fund's US$731 million offer, ending more than a month of opposing bids. San Jose, California-based Cypress said last week that its best and final proposal was US$22.60 a share, shy of Uphill's US$23 a share offer.