The Committee on Foreign Investment in the US, which reviews deals that could result in a foreign entity taking control of an American company, had previously recommended halting the deal. The core reviewing body for such sales is the Committee on Foreign Investment in the United States, which makes recommendations to the president.
Canyon Bridge is also involved in a bid for Imagination which may also be subject to a CFIUS approval process because of Imagination's ownership of MIPS.
"Consistent with the administration's commitment to take all actions necessary to ensure the protection of US national security, the president issued an order prohibiting the acquisition", Treasury Secretary Steven Mnuchin said in a written statement Wednesday.
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The national security risk included "the potential transfer of intellectual property" to the Chinese-backed company and the "Chinese government's role in supporting this transaction", according to Mnuchin's statement. Bloomberg adds that there are several other Chinese deals under review: the MoneyGram International (MGI) sale to Ant Financial, a financial-services business controlled by Alibaba Group Holding (BABA) executive Chairman Jack Ma. Soon after the deal was announced, several lawmakers argued the deal should be killed because the chips are key to certain US military applications. If it doesn't like a deal, it can recommend the president block it. It's more common for companies to walk away from a transaction once the secretive panel - which doesn't comment publicly on its work - indicates it won't approve it, rather than risk being branded a security threat.
Lattice executives have maintained that the company does not now supply the military.
"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. "CVCF is a Chinese corporation owned by Chinese state-owned entities that manages industrial investments and venture capital".