Lattice Semiconductor Corporation, a maker of programmable chips, said Thursday that it has signed a definitive agreement with Canyon Bridge Acquisition Company, Inc. (Parent), an affiliate of Canyon Bridge, 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.
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.
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.
