CFIUS blocks sale of Lattice Semiconductor to Canyon Bridge Fund

CFIUS blocks sale of Lattice Semiconductor to Canyon Bridge Fund”

President Donald Trump on Wednesday blocked Canyon Bridge Capital Partners, a private-equity firm backed by a Chinese state-owned asset manager, from purchasing a US chip maker, citing national security risk.

The Committee on Foreign Investment in the USA, which reviews deals that could result in a foreign entity taking control of an American company, had previously recommended halting the deal.

American presidents are empowered to stop the sale of domestic companies to foreign buyers if there is a potential threat to national security - either because of what the USA company does, or due to the nature of the would-be buyer.

Provisions in the Defense Production Act of 1950, including the Foreign Investment and National Security Act of 2007, allows the USA president to take appropriate actions to prohibit foreign entities from acquiring U.S. businesses if such acquisitions pose potential risk to national security, the release said.

"We are obviously disappointed in today's decision by the President of the United States to forgo what we believe to be an excellent deal for Lattice's shareholders and its employees by expanding the opportunity to keep jobs in America", Canyon Bridge said in a written statement.

Citing national security concerns, President Trump will not allow a private-equity firm backed by Chinese investors to acquire Lattice Semiconductor, a maker of chips used in industrial equipment, data centers, and video devices.

Only four deals have been blocked by the president since 1990, according to Bloomberg.

Reps for Lattice did not immediately respond to a request for comment. Limited, whose investors are state-owned enterprises.

The takeover was pegged as a $1.3 billion deal when it was first announced in November 2016. The investment group included China Venture Capital Fund Corporation, which is owned by Chinese state-backed entities.

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