Wow, I also heard Mentor is working with a Chinese PE firm for a buyout. Notice that Ray Bingham (former Cadence CEO) is part of this. Xilinx has to be next but who is left to buy them?
Thu Nov 03 08:00:08 2016 EDT
PORTLAND, Ore. & PALO ALTO, Calif., Nov 03, 2016 (BUSINESS WIRE) --
--Privatization to Enhance Focus on Core Strategies
--Lattice will continue to be headquartered in Portland, Oregon, operating
as a subsidiary of Canyon Bridge
Lattice Semiconductor Corporation (NASDAQ:LSCC) ("Lattice" or the
"Company") and Canyon Bridge Capital Partners, Inc. ("Canyon Bridge")
today announced that the Company and Canyon Bridge Acquisition Company,
Inc. ("Parent"), an affiliate of Canyon Bridge, have signed a definitive
agreement under which Parent will acquire all outstanding shares of
Lattice for approximately $1.3 billion inclusive of Lattice's net debt,
or $8.30 per share in cash. This represents a 30% premium to Lattice's
last trade price on November 2, 2016, the last trading day prior to
announcement.
Darin G. Billerbeck, President and Chief Executive Officer of Lattice,
commented, "We are pleased to announce the transaction today with Canyon
Bridge, which will unlock tremendous value for shareholders. 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.
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. Importantly, we will operate as a
standalone subsidiary after the acquisition and do not expect any
changes in our operations or our unwavering commitment to continued
innovation for our customers."
Ray Bingham, Founding Partner, Canyon Bridge, noted, "Lattice's
low-power FPGA franchise, along with its video connectivity and wireless
solutions, make it a compelling, strategic investment. We expect the
Company will continue to leverage its existing customer relationships
with major OEMs globally, while further broadening the role of its
technology solutions and accelerating its strategic plans."
Benjamin Chow, Founding Partner, Canyon Bridge, added, "Equally critical
in our decision to partner with Lattice is the Company's world-class
management team and its dedicated, highly experienced employee base. Our
long-term interests are aligned with Lattice's employees and customers.
We plan to build upon Lattice's achievements and are excited to provide
the resources necessary to help the Company achieve significant growth
and long-term success."
The transaction has been unanimously approved by both companies' boards
of directors and is expected to close in early 2017 subject to customary
closing conditions, regulatory approvals and approval by Lattice's
shareholders. Lattice and Canyon Bridge are committed to proactive
engagement with regulators to facilitate the government review process.
Upon the 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,
OR.
Morgan Stanley & Co. LLC is serving as the sole financial adviser to
Lattice and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
adviser. Lazard is serving as the financial adviser to Canyon Bridge and
Jones Day is serving as legal adviser.
About Lattice Semiconductor
Lattice Semiconductor (NASDAQ:LSCC) provides smart connectivity
solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter
wave, and IP products to the consumer, communications, industrial,
computing, and automotive markets worldwide. Our unwavering commitment
to our customers enables them to accelerate their innovation, creating
an ever better and more connected world.
For more information, visit www.latticesemi.com.
SOURCE: Lattice Semiconductor Corporation
For Lattice:
Investor Contact:
David Pasquale
Global IR Partners
914-337-8801
lscc@globalirpartners.com
Media Contacts:
John Christiansen / David Isaacs / Paul Frankle
Sard Verbinnen & Co
415-618-8750
Lattice-SVC@sardverb.com
Sherrie Gutierrez
Lattice Semiconductor
408-826-6752
sherrie.gutierrez@latticesemi.com
Allison DeLeo
Racepoint Global
415-694-6711
Lattice@racepointglobal.com
For Canyon Bridge:
Investor Contact:
Ray Bingham
Canyon Bridge Capital Partners
408-456-1999
ray.bingham@canyonbridge.com
Media Contact:
Robert Schwartz
Ogilvy Public Relations
202-729-4006
robert.schwartz@ogilvy.com
[FONT="]
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103005762/en/[/FONT]
Copyright Business Wire 2016
SID(BIZ308b2193)
Thu Nov 03 08:00:08 2016 EDT
PORTLAND, Ore. & PALO ALTO, Calif., Nov 03, 2016 (BUSINESS WIRE) --
--Privatization to Enhance Focus on Core Strategies
--Lattice will continue to be headquartered in Portland, Oregon, operating
as a subsidiary of Canyon Bridge
Lattice Semiconductor Corporation (NASDAQ:LSCC) ("Lattice" or the
"Company") and Canyon Bridge Capital Partners, Inc. ("Canyon Bridge")
today announced that the Company and Canyon Bridge Acquisition Company,
Inc. ("Parent"), an affiliate of Canyon Bridge, have signed a definitive
agreement under which Parent will acquire all outstanding shares of
Lattice for approximately $1.3 billion inclusive of Lattice's net debt,
or $8.30 per share in cash. This represents a 30% premium to Lattice's
last trade price on November 2, 2016, the last trading day prior to
announcement.
Darin G. Billerbeck, President and Chief Executive Officer of Lattice,
commented, "We are pleased to announce the transaction today with Canyon
Bridge, which will unlock tremendous value for shareholders. 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.
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. Importantly, we will operate as a
standalone subsidiary after the acquisition and do not expect any
changes in our operations or our unwavering commitment to continued
innovation for our customers."
Ray Bingham, Founding Partner, Canyon Bridge, noted, "Lattice's
low-power FPGA franchise, along with its video connectivity and wireless
solutions, make it a compelling, strategic investment. We expect the
Company will continue to leverage its existing customer relationships
with major OEMs globally, while further broadening the role of its
technology solutions and accelerating its strategic plans."
Benjamin Chow, Founding Partner, Canyon Bridge, added, "Equally critical
in our decision to partner with Lattice is the Company's world-class
management team and its dedicated, highly experienced employee base. Our
long-term interests are aligned with Lattice's employees and customers.
We plan to build upon Lattice's achievements and are excited to provide
the resources necessary to help the Company achieve significant growth
and long-term success."
The transaction has been unanimously approved by both companies' boards
of directors and is expected to close in early 2017 subject to customary
closing conditions, regulatory approvals and approval by Lattice's
shareholders. Lattice and Canyon Bridge are committed to proactive
engagement with regulators to facilitate the government review process.
Upon the 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,
OR.
Morgan Stanley & Co. LLC is serving as the sole financial adviser to
Lattice and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
adviser. Lazard is serving as the financial adviser to Canyon Bridge and
Jones Day is serving as legal adviser.
About Lattice Semiconductor
Lattice Semiconductor (NASDAQ:LSCC) provides smart connectivity
solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter
wave, and IP products to the consumer, communications, industrial,
computing, and automotive markets worldwide. Our unwavering commitment
to our customers enables them to accelerate their innovation, creating
an ever better and more connected world.
For more information, visit www.latticesemi.com.
SOURCE: Lattice Semiconductor Corporation
For Lattice:
Investor Contact:
David Pasquale
Global IR Partners
914-337-8801
lscc@globalirpartners.com
Media Contacts:
John Christiansen / David Isaacs / Paul Frankle
Sard Verbinnen & Co
415-618-8750
Lattice-SVC@sardverb.com
Sherrie Gutierrez
Lattice Semiconductor
408-826-6752
sherrie.gutierrez@latticesemi.com
Allison DeLeo
Racepoint Global
415-694-6711
Lattice@racepointglobal.com
For Canyon Bridge:
Investor Contact:
Ray Bingham
Canyon Bridge Capital Partners
408-456-1999
ray.bingham@canyonbridge.com
Media Contact:
Robert Schwartz
Ogilvy Public Relations
202-729-4006
robert.schwartz@ogilvy.com
[FONT="]
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103005762/en/[/FONT]
Copyright Business Wire 2016
SID(BIZ308b2193)
Last edited:
