Integrated Silicon to acquire Chingis Technology

Integrated Silicon announced that it has entered into a definitive agreement with the major shareholders of Chingis Technology Corporation under which ISSI intends to acquire all of the outstanding shares of Chingis pursuant to a cash tender offer valued at $33M, or $16M net of the approximately $17M in cash expected to be on Chingis' balance sheet at closing. The transaction is expected to close in September. Completion of the transaction is conditioned on at least 60% of the Chingis shares being tendered, regulatory approvals in Taiwan and other customary closing conditions.