Silicon Storage Technology Offer From Microchip Upped

The offer for Sunnyvale-based Silicon Storage Technology has been upped to $3.05 per share, according to prospective buyer Microchip Technology Incorporated today. Microchip said it upped the current offer for the firm to $3.05 per share in cash, comapred with its prior raised offer of $3.00 per share. The firms said the increased offer came due to a competing bid from an un-named buyer. MicroChip also said it has acquired shares from Microchip giving it 19.9 percent of its current issued and outstanding shares, at the new $3.05 per share in cash price.