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Microchip lifts takeover price for Silicon Storage

TEL AVIV (MarketWatch) -- Silicon Storage Technology Inc., /quotes/comstock/15*!ssti/quotes/nls/ssti (SSTI 2.89, +0.02, +0.70%) the Sunnyvale, Calif., producer of memory and non-memory products for application in various digital markets, agreed to a higher deal price in its plan to be acquired by Microchip Technology Inc. Under the amended terms, Silicon Storage holders will receive $3 instead of $2.85 for each of their shares. SSTI's board has approved the amended terms. Subject to conditions including approval by Silicon Storage's holders, the companies hope to close the deal in the second quarter. The companies first agreed to the deal early in February. Microchip is the Chandler, Ariz., developer of semiconductor products for embedded-control applications