Lattice Semiconductor & Canyon Bridge Capital Partners, LLC Announce Termination of Merger Agreement Following Decision from ...
September 13 2017 - 7:04PM
Business Wire
Lattice Semiconductor Corporation (NASDAQ:LSCC) today announced
the termination of the acquisition by Canyon Bridge Capital
Partners, LLC (“Canyon Bridge”) of Lattice Semiconductor following
an order from the President of the United States.
The Committee on Foreign Investment in the United States (CFIUS)
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.
“We will continue to focus on initiatives that will contribute
to Lattice’s long term success, specifically in areas where our
affordable, low power, small form factor devices create advantages.
Additionally, we remain committed to achieving profitable growth by
extending processing and connectivity solutions beyond our core
business. Lattice’s future remains bright.”
The full text of the order is accessible
under: [https://www.whitehouse.gov/briefing-room/presidential-actions].
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that
involve estimates, assumptions, risks and uncertainties. Any
statements about our expectations, beliefs, plans, objectives,
assumptions or future events or performance are not historical
facts and may be forward-looking. Such forward-looking statements
include statements relating to: our expectation that we will
continue to focus on initiatives that will contribute to Lattice’s
long term success and our focus on achieving profitable growth.
Other forward-looking statements may be indicated by words such as
“will,” “could,” “should,” “would,” “may,” “expect,” “plan,”
“project,” “anticipate,” “intend,” “forecast,” “future,” “believe,”
“estimate,” “predict,” “propose,” “potential,” “continue” or the
negative of these terms or other comparable terminology; and our
expectation that we will remain focused on maximizing the leverage
of our operating model and reduce our outstanding debt balance.
Lattice believes the factors identified below could cause actual
results to differ materially from the forward-looking
statements.
Estimates of long term success and whether we achieve profitable
growth are inherently uncertain and are affected by such factors as
global economic conditions, which may affect customer demand,
pricing pressures, competitive actions, the demand for our Mature,
Mainstream and New products, and in particular our iCE40™ and
MachXO3L™ devices, the ability to supply products to customers in a
timely manner, changes in our distribution relationships, or the
volatility of our consumer business. Actual results could vary from
the estimates on the basis of, among other things, changes in
revenue levels, changes in product pricing and mix, changes in
wafer, assembly, test and other costs, including commodity costs,
variations in manufacturing yields, the failure to sustain
operational improvements, the actual amount of compensation charges
due to stock price changes. Any unanticipated declines in revenue
or gross margin, any unanticipated increases in our operating
expenses or unanticipated charges could adversely affect our
profitability.
In addition to the foregoing, other factors that may cause
actual results to differ materially from the forward-looking
statements in this press release include disruptions of our
business arising from the termination of our proposed acquisition
by Canyon Bridge Capital Partners, Inc., global economic
uncertainty, overall semiconductor market conditions, market
acceptance and demand for our new products, the Company's
dependencies on its silicon wafer suppliers, the impact of
competitive products and pricing, technological and product
development risks, the failure to achieve the anticipated benefits
and synergies of the Silicon Image transaction. In addition, actual
results are subject to other risks and uncertainties that relate
more broadly to our overall business, including those risks more
fully described in Lattice’s filings with the SEC including its
annual report on Form 10-K for the fiscal year ended December 31,
2016, and Lattice’s quarterly reports filed on Form 10-Q.
You should not unduly rely on forward-looking statements because
actual results could differ materially from those expressed in any
forward-looking statements. In addition, any forward-looking
statement applies only as of the date on which it is made. The
Company does not intend to update or revise any forward-looking
statements, whether as a result of events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913006586/en/
Media:Brunswick GroupAlex Finnegan,
202-264-9544afinnegan@brunswickgroup.comorJennifer Sukawaty,
202-403-9492jsukawaty@brunswickgroup.comorInvestors:Global
IR PartnersDavid Pasquale,
914-337-8801lscc@globalirpartners.com
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