| March 24
March 24 Canyon Bridge Capital Partners LLC
refiled its proposed $1.3 billion acquisition of Lattice
Semiconductor Corp with the Committee on Foreign
Investment in the United States (CFIUS), sources said on Friday.
Here is how the deal was put together:
April 8, 2016: Financial advisers for China Reform Fund
Management Co contact Lattice’s advisers to express interest in
discussing "a strategic transaction involving Lattice."
May 5, 2016: Lattice CEO Darin Billerbeck and the company's
financial adviser Morgan Stanley meet with Benjamin Chow,
a representative of China Reform to discuss a potential deal.
August 22, 2016: Lattice and China Reform discuss China Reform’s
most recent deal proposal. During those talks, Chow states that,
after discussions with China Reform, he was considering leaving
China Reform to form a new private equity fund, which one of
China Reform’s affiliates, CVC, had agreed to invest in. This
fund eventually became Canyon Bridge.
October 2016: Cypress Semiconductor Corp executive
chairman Ray Bingham reaches an understanding with Ben Chow
about how they would work together, according to a statement by
November 2, 2016: Lattice's board holds a meeting with its
advisers where they discuss the proposed merger agreement at
length, including the experience and reputations of Canyon
Bridge’s co-founders, Bingham and Chow. Morgan Stanley informs
Lattice that the $8.30 per share offer from Canyon Bridge is a
fair price to the company’s shareholders.
November 3, 2016: Deal is announced. Bingham is quoted in the
press release as a co-founder of Canyon Bridge praising the
December 2016: Bingham joins Canyon Bridge as a partner,
according to the letter by Skadden attorney Kenton King on
behalf of Cypress.
January 27, 2016: T.J. Rodgers, founder and former CEO of
Cypress, files a lawsuit against Bingham alleging he had an
"irreconcilable conflict of interest" in joining Canyon Bridge,
which he says competes "head-to-head" with it.
March 24, 2017: Lattice and Canyon Bridge seek more time to
secure U.S. approval of the deal with CFIUS beyond the standard
period of 75 days.
Source unless otherwise specified: Lattice's proxy statement to
(Reporting by Liana B. Baker in San Francisco; editing by