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Lattice Semiconductor and Canyon Bridge Capital Partners, an affiliate of Canyon Bridge, have signed a definitive agreement under which Canyon Bridge Capital Partners will acquire all outstanding shares of Lattice for approximately US$1.3 billion inclusive of Lattice’s net debt, or US$8.30 per share in cash. This represents a 30% premium on Lattice’s trade price on November 2, 2016, the last trading day prior to the announcement.
Upon completion of the transaction, Lattice will be a standalone subsidiary of Canyon Bridge and Lattice’s senior management team will continue to lead the business from its current headquarters in Portland, Oregon.
The transaction is expected to close in early 2017 subject to customary closing conditions, regulatory approval and approval by Lattice’s shareholders. Lattice and Canyon Bridge said they are committed to proactive engagement with regulators to facilitate the government review process.
"This transaction is the culmination of an extensive review process with our Board, financial and legal advisers, and it delivers certain and immediate cash value to shareholders while reducing our execution risk," said Lattice president and CEO Darin Billerbeck. "We are excited to leverage Canyon Bridge’s resources and market connections as we enhance our focus on executing our long-term strategic plan of continued innovation."
Canyon Bridge is a newly-formed, global private equity buyout fund, focused on providing equity and strategic capital to enable technology companies to reach their full growth potential. Initial funding for Canyon Bridge comes from limited partners in China.
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