— The Microcontroller and Connectivity Division saw a 0.6% year-over-year decline in revenue on the industry headwinds, as well as the US-China trade tensions. The smaller Memory Products Division, meanwhile, fell 36.9%.
— As announced in June, Infineon Technologies AG agreed to buy Cypress for $23.85 per share in cash, corresponding to an enterprise value of about $10 billion. On October 16, the European Commission cleared the deal without any conditions.
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— Due to the pending transaction, Cypress will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.