Lattice Semiconductor, Canyon Bridge announce termination of merger pact
Lattice Semiconductor announced the termination of the acquisition by Canyon Bridge Capital Partners, LLC of Lattice Semiconductor following an order from the President of the United States. The Committee on Foreign Investment in the United States referred the transaction with Canyon Bridge to the U.S. President for a decision, having been unable to come to an agreement with the parties on mitigation measures. After consideration, the President prohibited the proposed transaction on the recommendation of CFIUS in an executive order dated September 13, 2017. "The transaction with Canyon Bridge was in the best interests of our shareholders, our customers, our employees and the United States. We also believe our CFIUS mitigation proposal was the single most comprehensive mitigation proposal ever proposed for a foreign transaction in the semiconductor industry and would have maximized United States national security protection while still enabling Lattice to accept Canyon Bridge's investment and double American jobs. While it is disappointing that we were not able to prevail, the Board and I would like to thank Canyon Bridge for their support during this time." said Darin G. Billerbeck, CEO of Lattice Semiconductor.