Final results of Integrated Silicon Solution's tender offer announced

By Lisa Kerner

Charlotte, N.C., Jan. 11 - Integrated Silicon Solution, Inc. accepted 10 million shares, or about 27.4%, of its common stock for payment in the self tender offer ended Jan. 3.

The purchase price was $7 per share for a total payment of $70 million, according to a company news release.

Final count by the depositary showed a total of 24,838,228 shares were properly tendered and not withdrawn at the purchase price of $7 per share, including 1,321,860 shares tendered through notice of guaranteed delivery, the release stated.

The actual shares purchased were prorated at the rate of 0.402605210.

Jefferies & Co., Inc. was the dealer manager, Georgeson (800 843-1285) was the information agent, and Mellon Investor Services was the depositary.

Integrated Silicon announced the tender offer in November. The board of directors approved the repurchase of up to $80 million of the company's shares of common stock.

It was previously reported that Integrated Silicon would use $70 million to repurchase up to 10 million shares with the remaining cash used to purchase additional shares periodically through open-market transactions.

Integrated Silicon said the repurchase plan replaces its previously announced $30 million stock buyback plan.

Integrated Silicon is a fabless semiconductor company that designs and markets high-performance integrated circuits for various markets. The company is based in San Jose, Calif.

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