Lattice semiconductor acquisitions1/16/2024 ![]() Lattice has argued that its chips do not have military applications, and are not therefore a security risk. Treasury Secretary Jacob Lew asking for U.S. Reuters revealed last November that China Reform Fund Management was the sole investor in Canyon Bridge. This changed the role of China Reform, which is controlled by the top decision-making body of the Chinese government, from outright Lattice acquirer to sole investor in Canyon Bridge.Ĭhina Reform did not respond to requests for comment. government scrutiny, three sources told Reuters.Ī China-born American, Chow was working for a Chinese state-backed entity called China Reform Fund Management when he decided, in the middle of deal talks with Lattice last August, to set up Canyon Bridge in Palo Alto, California, according to Lattice's proxy statement to its shareholders. Canyon Bridge also offered no comment.ĬFIUS did not respond to requests for comments.Ĭanyon Bridge co-founder Benjamin Chow's intention was to create a deal structure that would minimize U.S. Lattice declined to comment on the refiling of the deal with CFIUS. We look forward to working closely with the committee throughout its review," Lattice said in a statement. ![]() "Since announcing our partnership with Canyon Bridge in November 2016, we have had continued, ongoing and productive discussions with CFIUS. Some transactions which previously refiled their application with CFIUS, including ChemChina's $43 billion acquisition of Swiss seeds and pesticide maker Syngenta AG ( > Syngenta AG), were subsequently approved.Ĭanyon Bridge and Lattice had previously said they had expected the deal to close in early 2017. The development does not necessarily spell trouble for the deal. President Donald Trump have reduced the panel's capacity to review cases expeditiously, two of the sources added. Refiling the deal with CFIUS resets the clock and gives it additional time of up to another 75 days for it to complete its national security review and discuss potential issues with the companies, the sources said.Īnother factor in Canyon Bridge and Lattice resubmitting the application was that the vacancies left in senior positions at several government agencies more than two months after the inauguration of U.S. The move comes after the Committee on Foreign Investment in the United States (CFIUS), a government panel which reviews acquisitions by foreign entities for potential national security risks, did not complete its assessment by Friday, within the maximum time of 75 days that is awarded for assessing applications. government review, three people familiar with the matter said. (Reuters) - Canyon Bridge Capital Partners LLC, the China-backed buyout fund that agreed to acquire Lattice Semiconductor Corp ( > Lattice Semiconductor Corp) in November for $1.3 billion (1 billion pounds), has resubmitted the deal for U.S.
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