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Stock Market & Financial Investment News

News Breaks
December 30, 2012
12:54 EDTCY, GSITITC reviewing 'Initial Determination' in Cypress GSI Tech patent case
Late Friday, Cypress Semiconductor (CY) announced that the International Trade Commission, ITC, has agreed to review the entire Initial Determination issued by Chief Administrative Law Judge Charles E. Bullock in the pending patent case between Cypress and GSI Technology (GSIT). Cypress has asserted that GSI SRAMs infringe multiple Cypress patents. The Commission also remanded the case back to Judge Bullock for a ruling on the validity and the enforceability of Cypress’s patents. After Judge Bullock completes his ruling, the Commission will review his initial findings on non-infringement as well as his rulings on validity and enforceability.
News For CY;GSIT From The Last 14 Days
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November 17, 2014
14:08 EDTCYCypress Semiconductor November volatility elevated into analyst meeting
Cypress Semiconductor November call option implied volatility is at 40, December and January is at 30, March is at 31; compared to its 26-week average of 33 according to Track Data, suggesting large near term price movement into a company sponsored analyst meeting on November 18.
10:43 EDTCYCypress Semiconductor to host analyst day
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November 14, 2014
09:07 EDTGSITGigOptix withdraws propsoal to acquire GSI Technology
GigOptix (GIG) announced that it had withdrawn its previous offer to acquire all of the shares of GSI Technology (GSIT) for per share consideration of $6.50, consisting of (i) $2.00 per share in cash, (ii) GigOptix common stock worth $1.33 based upon the volume-weighted average price of GigOptix’ common stock for the three trading days ending one day prior to the closing of the combination and (iii) a special dividend of $3.17 per share in cash payable by GSI Technology. Dr. Avi Katz, Chairman and CEO of GigOptix, Inc., stated “We were disappointed that, despite the fact that our offer was in an amount equal in value per share to the price paid by GSI Technology in its recently completed Dutch auction tender offer, was at a substantial premium to GSI Technology’s share price, offered, as we believe, a meaningful path to resolve the expensive litigations of GSI Technology, and represented, in our opinion, a compelling opportunity for its stockholders altogether – a number of whom tendered shares in the Dutch auction tender offer that were not repurchased - our offer was dismissed without giving us the opportunity to discuss its merits directly with their Board of Directors. Given the implementation by the GSI Technology Board of Directors, subsequent to our proposal, of an executive retention and severance plan which would result in members of the management of GSI Technology potentially receiving substantial cash payments in the event of an acquisition, and the continued reluctance of GSI Technology’s Board of Directors to engage in substantive discussions with us despite GSI Technology’s continued lackluster performance in the most recent quarter and public statements and what we believe is other outreach to GSI Technology by some of their stockholders following their most recent earnings announcement encouraging such engagement, we have now formally withdrawn our proposal to acquire all of the shares of GSI Technology.” “It has been our sincere hope that we would be able to explore together a friendly combination of our two companies that would provide premium value to GSI Technology’s stockholders and benefit its customers, representatives and associates around the world,” said Dr. Katz. “While we have continued to wait patiently, GSI Technology’s Board of Directors has had almost three months to consider whether to engage in discussions and permit us to conduct due diligence. We have not asked the GSI Technology Board of Directors to accept our proposed purchase price or to agree to sell GSI Technology, but only to sit down and discuss whether there might be a common basis for pursuing a transaction that we believe would be beneficial to all parties, including the stockholders of both companies. We are surprised by the unwillingness of the GSI Technology Board of Directors to do so. If in the future we are asked by GSI Technology or by its major stockholders to engage in discussions with GSI Technology, we will consider any changed circumstances involving GSI Technology, operational or economic, in determining whether to so engage, and on what terms we would be willing to do so.”
09:06 EDTGSITGigOptix withdraws propsoal to acquire GSI Technology
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