March 24 (Reuters) - 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 Canyon Bridge. 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 transaction. 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 shareholders. (Reporting by Liana B. Baker in San Francisco; editing by Edward Tobin)