Integrated Silicon Solution Inc. (NASDAQ: ISSI) seems to be on the path of a buyout saga that just goes on and on. Cypress Semiconductor Corp. (NASDAQ: CY) has increased its takeover price offer. The move aims to thwart a takeover of Integrated Silicon by a Chinese outfit called Uphill Investment.

Cypress has raised its offer to Integrated Silicon to $22.25 per share. This new deal is valued at more than $700 million, and is versus a prior Cypress offer of $19.25 per share.

In an effort to overcome regulatory and timing concerns, Cypress will also continue to offer an extra $0.10 per share for each quarter that the company takes to actually close the deal. That would begin in October.

What matters here is that Uphill had just recently raised its offer to Integrated Silicon to $22.00 per share.

It is not unusual to see mergers go back and forth when there is more than one interested party. Still, in $700 million buyouts, one has to wonder how high the limit can go. It is not as if the deal is capped by all the same constrictions as the deals up above $10 billion. After all, companies such as Cypress can easily afford to spend that sort of money.

Still, it appears that as though Integrated Silicon shareholders are betting that an even higher bid may come. Mid-Monday’s session had its shares up 1.7% at $22.49. Investors also may consider that Integrated Silicon’s cash and short-term investments combined are over $135 million, with no long-term debt to speak of.

Cypress Semi shares were down one cent at $12.67 Monday. As far as how that $700 million or so compares, Cypress has a market cap of $4.2 billion.

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