Cypress Semiconductor (CY, Financial) (CY - $23.32 – NASDAQ) designs, manufactures, and sells memory and logic semiconductors used in a wide array of industrial, automotive, and consumer applications. This turned out to be a good trade as the Fund owned the stock for less than a week. We had previously owned Cypress but sold the stock after it agreed to be acquired by Infineon for $23.85 in cash. The stock had been trending toward the buyout price until investors started to worry that the Committee on Foreign Investment in the United States (CFIUS) would not approve the deal. It fell below the price it traded at prior to the buyout announcement. At that point, we thought it was attractive whether the deal was approved or not. When the CFIUS approved the merger, the stock rebounded and was sold.
From Keeley Asset Management's Mid Cap Dividend Valud Fund's first-quarter 2020 shareholder commentary.
