Lattice Semiconductor To Be Acquired By Canyon Bridge Acquisition For $1.3 Bln

(RTTNews) - Lattice Semiconductor Corp. (LSCC) Thursday announced a definitive agreement with Canyon Bridge Capital Partners Inc. by which Canyon Bridge Acquisition Co. Inc. will acquire all the outstanding shares of Lattice for around $1.3 billion, including debt, or $8.30 per share in cash. The deal represents 30 percent premium to Lattice shares as on November 2.

Darin Billerbeck, president and chief executive officer of Lattice, said, "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."

The transaction has been unanimously approved by both companies' boards of directors and is expected to close in early 2017.

Upon the completion of the transaction 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.