Cypress Semiconductor Plunges as Trump Weighs Blocking Infineon's $8.7 Billion Bid [TheStreet.com]
CYPRESS SEMICONDUCTOR (CY)
Last cypress semiconductor earnings: 1/30 04:05 pm
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Source: TheStreet.com
Shares of defense-focused chipmaker and designer Cypress Semiconductor ( CY Get Report Cypress was down 11.39% at $17 in morning trading on Friday after ending the day Thursday down 17.4% at $19.18 following reports that Infineon’s planned purchase of the company is facing concerns from the Committee on Foreign Investment in the United States (CFIUS). CFIUS officials are concerned that Infineon’s takeover of the American chipmaker poses a risk to national security, people familiar with the matter told Bloomberg. It wasn’t clear why CFIUS officials, which review foreign takeovers of U.S. businesses, see a national security risk. The panel, however, is particularly sensitive to any transaction that could allow Chinese buyers to get their hands on advanced U.S. technology. Cypress, based in San Jose, sells components and designs to the defense industry, although its products are not considered particularly sensitive. Infineon, based in Neubiberg, Germany, generates a large portion of its
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