PORTLAND, Ore.--Feb. 28, 2017-- Lattice Semiconductor Corporation (NASDAQ:LSCC) ("Lattice" or the "Company"), the leading provider of customizable smart connectivity solutions, today announced that its shareholders have approved the adoption of the agreement and plan of merger (the "Merger Agreement"), dated November 3, 2016, by and between Lattice, Canyon Bridge Acquisition Company, Inc. ("Canyon Bridge") and Canyon Bridge Merger Sub, Inc. ("Merger Sub"), and the merger of Merger sub with and into Lattice (the "Merger") upon the satisfaction or waiver of the remaining conditions to the closing of the Merger. It was announced at today's special meeting of Lattice shareholders that 77.83% of Lattice's outstanding shares were voted in favor of adoption of the Merger Agreement (0.18% of Lattice's outstanding shares were voted against the Merger Agreement, 0.09% abstained, and 21.90% did not vote).
The Merger Agreement and the Merger were previously unanimously adopted and approved by the Company’s board of directors. On January 4, 2017, the Federal Trade Commission granted early termination of the waiting period for the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Merger has also received approval from Austria’s Federal Competition Authority and China’s National Development and Reform Commission. In addition, Institutional Shareholder Services Inc. and Glass Lewis, two leading independent proxy voting and corporate governance advisory firms, had recommended Lattice Semiconductor’s shareholders vote “For” the adoption of the Merger Agreement.
Darin G. Billerbeck, President and Chief Executive Officer, said, “Today’s shareholder vote is another resounding endorsement of the tremendous shareholder value the merger will unlock and the compelling strategic benefits to our Company, customers and employees. The process of obtaining approval from the Committee on Foreign Investment in the United States (CFIUS) is well underway, and we look forward to continuing constructive discussions with the Committee in order to conclude the merger as soon as possible.”
About Lattice Semiconductor
Lattice Semiconductor (NASDAQ:LSCC) provides smart connectivity solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets worldwide. Our unwavering commitment to our customers enables them to accelerate their innovation, creating an ever better and more connected world.
For more information about Lattice please visit www.latticesemi.com.