Lattice Semiconductor Closes Acquisition of Silicon Image
HILLSBORO, Ore.--Mar. 10, 2015-- Lattice Semiconductor Corporation (NASDAQ:LSCC), a leading provider of programmable connectivity solutions, today announced the close of its acquisition of Silicon Image, Inc., a leading provider of wired and wireless connectivity solutions, and the results of the related tender offer. For the first time in the semiconductor industry, a single company now combines the design flexibility and time to market benefits of FPGAs, with the highly integrated, function and cost optimization benefits of ASSPs. The all-cash acquisition, valued at approximately $606.6 million (or approximately $466.6 million on an enterprise value basis), is expected to be immediately accretive to EPS on a non-GAAP basis.
Darin G. Billerbeck, Lattice Semiconductor’s President and Chief Executive Officer, said, “Today marks an exciting day for Lattice, as we close our transformative acquisition of Silicon Image. We have significantly expanded our Company’s capabilities, with the addition of MHL, HDMI and 60 GHz Intellectual Property, enhanced our business prospects and financial profile, and further diversified our global customer base. We will move forward quickly in order to realize the compelling revenue and operating synergies created by our increased economies of scale. Our team has put in place a well thought through, comprehensive consolidation plan for an efficient integration and the achievement of our targeted cost synergies. We plan to work relentlessly over the coming years to rapidly deleverage through our increased free cash flow, and to achieve the full benefits of this major acquisition for our customers, shareholders and employees.”
The transaction, which was announced on January 27, 2015, was funded through a combination of cash on hand and $350 million in debt financing led by Jefferies Finance LLC. Jefferies LLC served as the financial adviser to Lattice Semiconductor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to Lattice Semiconductor. Barclays PLC served as the financial adviser to Silicon Image, and Fenwick & West LLP served as legal adviser to Silicon Image.
Results of the Tender Offer:
The tender offer for shares of Silicon Image, Inc. common stock expired at 12:00 midnight, New York City time, at the end of the day on March 9, 2015. According to the depository for the tender offer, a total of 64,379,310 shares, or approximately 81.6% of the outstanding shares of Silicon Image common stock, were validly tendered and not withdrawn, or 66,311,175 shares, or approximately 84.0% of the outstanding shares of Silicon Image common stock if you include shares that were validly tendered and not withdrawn by means of notices of guaranteed delivery. The minimum condition for the tender offer was satisfied, and all validly tendered shares have been accepted for payment by Lattice Semiconductor in accordance with the terms of the tender offer. Lattice Semiconductor and Silicon Image subsequently completed the merger, in which Silicon Image became a wholly owned subsidiary, and each outstanding share of Silicon Image common stock (other than shares held by any holders who properly demanded and perfected appraisal rights under Delaware law) was converted into the right to receive $7.30 per share in cash, without interest, and less applicable tax withholding. This was same price paid in the tender offer. Silicon Image’s common stock ceased trading on the NASDAQ on March 9, 2015, and will no longer be listed.
About Lattice Semiconductor:
Lattice Semiconductor (NASDAQ: LSCC) is the global leader in smart connectivity solutions, providing market leading intellectual property and low-power, small form-factor devices that enable more than 8,000 global customers to quickly deliver innovative and differentiated cost and power efficient products. The Company’s broad end-market exposure extends from consumer electronics to industrial equipment, communications infrastructure and licensing.
Lattice was founded in 1983 and is headquartered in Portland, Oregon. The Company acquired Silicon Image in March 2015, which is a leader in setting industry standards including the highly successful HDMI®, DVI™, MHL® and WirelessHD® standards.
For more information, visit www.latticesemi.com.
|
Related News
- Lattice Semiconductor to Acquire Silicon Image for Approximately $600 Million
- Lattice Acquires Mirametrix
- Silicon IP Provider Allegro DVT Acquires Amphion Semiconductor to Create a New Leader in the Video Codec IP Space
- Rambus to Acquire Silicon IP and Secure Protocols Business From Verimatrix, Creating Global Authority in Semiconductor Security IP
- Lattice Semiconductor Delivers Flexible Connectivity for Industrial Vision Applications with New CrossLink Reference Design
Breaking News
- Silicon industry veteran Oreste Donzella joins Sondrel board as Non-Executive Director
- Powering the NVM and Embedded Chip Security Technologies
- BOS and Tenstorrent Unveil Eagle-N, Industry's First Automotive AI Accelerator Chiplet SoC
- BBright Expands Ultra HD Capabilities with intoPIX JPEG XS Technology in its V2.2 Decoder Platform
- Jmem Tek and Andes Technology Partner on the World' s First Quantum-Secure RISC-V Chip
Most Popular
- MosChip selects Cadence tools for the design of HPC Processor “AUM” for C-DAC
- Cadence and Rapidus Collaborate on Leading-Edge 2nm Semiconductor Solutions for AI and HPC Applications
- Quobly announces key milestone for fault-tolerant quantum computing
- Synopsys Announces Industry's First Ultra Ethernet and UALink IP Solutions to Connect Massive AI Accelerator Clusters
- Alphawave IP - Announcement regarding leadership transition
E-mail This Article | Printer-Friendly Page |