Cypress Semiconductor (NASDAQ:CY)(CY - $22.24 – NASDAQ) is a maker of semiconductors used in three distinct market segments: Internet of Things (IoT), high performance memory, and Universal Serial Bus connectors (USB). The company has done a nice job over the last several years expanding into new market segments, streamlining its cost structure, and rolling out new products. This has shown up in better financial results, but not as much in the stock. During the quarter, the hard work of the company and the patience of investors was rewarded when the company received a $23.85 all cash offer from Infineon.
From Keeley Asset Management Corp (Trades, Portfolio)'s Keeley Mid Cap Fund second-quarter 2019 shareholder letter.
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