IFNNF - After Cypress's Quarterly Numbers: Reassessing The Infineon Merger

Introduction

In June, Infineon (IFNNF; IFNNY) and Cypress Semiconductor (CY) announced that the companies have signed a definitive agreement under which Infineon will acquire Cypress for $23.85 per share in cash, corresponding to an enterprise value of EUR 9.0 billion. The offer price represents a 46 percent premium to Cypress’s unaffected 30-day volume-weighted average price during the period from 15 April to 28 May 2019.

(Source: Infineon and Cypress merger)

After I recommended buying Infineon shares, the share price rose by almost 25 percent. In this respect, the

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