(Reuters) - Programmable-chip maker Lattice Semiconductor Corp said it is being bought by private equity buyout firm Canyon Bridge Capital Partners for $1.3 billion, the latest deal in the consolidating chip sector.
Shares of Lattice soared nearly 27 percent to $8.04 in premarket trading on Thursday.
The $8.30 per-share cash offer, which includes debt, is at a 30.3 percent premium to Lattice's Wednesday close of $6.37.
Portland, Oregon-based Lattice makes programmable chips used in the fast-growing market for connected cars, making it an attractive target for the buyout firm.
Qualcomm Inc said last week it would buy NXP Semiconductors NV for about $38 billion as it sought to become the leading supplier to the automotive chips market.
Morgan Stanley & Co LLC was Lattice's financial adviser, with Skadden, Arps, Slate, Meagher & Flom LLP as its legal adviser.
Lazard was financial adviser to Canyon Bridge and Jones Day provided legal advice.
The deal, which has been approved by both the companies, is expected to close in early 2017.
No comments:
Post a Comment