"The national-security risk posed by the transaction relates to, among other things, the potential transfer of intellectual property to the foreign acquirer, the Chinese government's role in supporting this transaction, the importance of semiconductor supply chain integrity to the United States Government, and the use of Lattice products by the United States Government", the White House said in a statement.
Treasury said the deal posed a national security risk due to Beijing´s support for the transaction, the potential transfer of intellectual property to the foreign investors, and the importance of the semiconductor supply to the USA government, including Lattice´s products.
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.
The Chinese connection has held the deal up in the federal Committee on Foreign Investment in the United States.
The Trump administration, citing national security concerns, has blocked Portland-based Lattice Semiconductor Corp.'s acquisition.
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In a statement Wednesday, Canyon Bridge said it is "obviously disappointed" by Trump's decision and called the proposed acquisition "an excellent deal" for Lattice and for "expanding the opportunity to keep jobs in America".
Reps for Lattice did not immediately respond to a request for comment. Lattice stock fell almost 2% in after hours trading following the news.
Canyon Bridge says it's headquartered in California, but its website also lists a Beijing address and states, "Initial funding for Canyon Bridge comes from limited partners in China".
The takeover was pegged as a $1.3 billion deal when it was first announced in November 2016.
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