Hub
08 Sep 2017
Re: Canyon Bridge ready for bid! Looking at the timing of these events, I think news may well come around the 15th or 16th of September assuming Trump and co take the deadline on Lattice deal right to the wire.Not sure what the value of MIPS /Ensigma is now but they did pay $100m for it back in 2013 when tech market felt a bit more subdued than it does today.I wonder, if they get approval via Trump in coming days, will they get Lattice to buy IMG's MIPS which then bundles it all under one US umbrella leaving Canon to then pick off IMG's remaining business?That could be done in one deal / RNS announcement.Based on above, I would expect around £70m for MIPS and around £500m for rest of businessTotal £550m or roughly 195p a share.Possible to then see counter bid thereafter from apple which could see 220p+Best scenario for investors would be 290p but that's going to be a stretch.HUB
EyesonHawk2
07 Sep 2017
Canyon Bridge ready for bid! This from Bloomberg and the reason for todays rise::Canyon Bridge Is Said to Ready Imagination Bid Minus U.S. UnitChinese-backed firm wants to avoid U.S. regulatory scrutinyChina-backed private equity firm Canyon Bridge Capital Partners is close to making an offer for Britain’s Imagination Technologies Group Plc that would exclude the troubled chip-maker’s U.S. business, according to people familiar with the discussions.Canyon Bridge, which says it’s based in Silicon Valley with an office in Beijing, is keen to structure a bid to avoid scrutiny from U.S. regulators, said the people, who asked not to be identified because the matter is private. The company’s $1.3 billion purchase of Portland, Oregon-based Lattice Semiconductor Corp., whose programmable logic chips are used in military communications, is being opposed by U.S. national security officials, and President Donald Trump is considering whether to block the deal.Imagination has drawn preliminary interest from several parties, the people said. SoftBank Group Corp.’s ARM Holdings Plc and chip designer Rambus Inc. are among those looking at the company and considering bids, the people said. Some potential bidders may only be interested in parts and could decide against bidding, they said.Representatives of Canyon Bridge, Imagination, ARM and Rambus declined to comment.“We’re exploring all sorts of different kinds of M&A right now,” Rambus Chief Financial Officer Rahul Mathur said during an earnings call in May. Rambus, based in Sunnyvale, California was also working with a financial adviser to evaluate its own sale options, people familiar with the matter said in July.Apple LossA sale of Imagination would be a test for the British government, which has pledged to tighten the rules that govern takeovers by foreign companies. Canyon Bridge would attempt to gain informal approval from the U.K. by making commitments to bolster Imagination’s local workforce, a person familiar with the matter said.Imagination said in June that it was initiating a formal sale process. The company initiated the sale after announcing that Apple Inc., which accounts for more than half of its sales, would no longer use its graphics technology. Imagination’s shares have dropped more than 45 percent this year.Sky reported last month that Canyon Bridge hired Citigroup Inc. to work on formal bid.Apple owned 8.1 percent of Imagination as of June 28, according to data compiled by Bloomberg.Before putting the entire company on the market, Imagination said in May that it would sell its WiFi tech business Ensigma and its MIPS unit, which it acquired in 2013 for $100 million. Clients for the company’s MIPS products, which are used in network infrastructure, include Qualcomm Inc., MediaTek Inc., Broadcom Ltd. and Cavium Inc.Article here:[link]
Caddie
07 Sep 2017
Bloomberg [link]
Hub
07 Sep 2017
Re: here we goooooooooo! Think Trump had 15 days to get a response on lattice takeover to Canyon. That was from Sept 1st. It's possible he may have given his view today as no reason to wait the full 15 days out.With Korea tensions still high, there is a chance that he may block the deal or then again, pass the deal through as a good will gesture which may help with relationships at a time when 'help' is needed.Smallfry stuff at $1.3bln though. It's like this is a takeover of Intel is it!?HUB
EyesonHawk2
07 Sep 2017
Re: here we goooooooooo! Not picking up any news re this pm's spike! Has anyone else caught a whisper?
Hub
07 Sep 2017
Re: here we goooooooooo! The US can protect MIPS IP simply by having Apple do the right and proper thing... buy IMG out.If Apple don't want IMG, then in theory, US should not grumble with IMG/MIPS going to the Chinese.HUB
EyesonHawk2
07 Sep 2017
Re: here we goooooooooo! Hub...."Either way MIPS could be an issue as previously US based so still some red tape to circumnavigate "Yes agree Hub but possibly one that the US won't be that fussed about!Certainly something is afoot this pm and the market has sniffed it out!Eyeson.....feeling quite comforted at the mo!
Hub
07 Sep 2017
Re: here we goooooooooo! Something is certainly afoot and it may have more to do with Canon's bid of Lattice which was going before Pres. Trump for approvals.If it gets the go ahead, it's likely that Canon will then take out IMG. Conversely, if it gets blocked then it looks odds on that IMG will be their main Target rather than a supplementary one.Either way MIPS could be an issue as previously US based so still some red tape to circumnavigate which is why I think the larger shorters/hedge funds are staying firm. I think they see the first bid as a 'start' rather than an 'end' and one which may allow them time to adjust positions as IPS story unfolds?No doubt gossip / rumour mill will hit the usual media wires in good time.For now, market is getting excited about .... something!HUB
itssoconfusing
07 Sep 2017
Re: here we goooooooooo! HubFeels like market getting a whisper of a number and the deal becoming a reality.Hold on tight img might get interesting.img
Hub
07 Sep 2017
Re: here we goooooooooo! I'll tell you what...there is going to be one almighty squeeze on the shorts if Canyon Bridge Capital Partners get this deal done.What will Apple do? Counter bid?Shorters desperately hanging onto the price at the moment but if an offer is made public soon, they are toast.Come on IMG.... get the news out!!HUB
Hub
07 Sep 2017
here we goooooooooo! Whoosh!HUB
Hub
02 Sep 2017
Re: Canyon Bridge, Lattice You can bet your bottom dollar that Apple will be tickling the usual parts of some individuals in power regarding this potential dealApple (eg The US) really don't want IMG's IP going to the Chinese.I know one way you they can ensure the chinese do not get IMG.... how about they stump up the cash and buy IMG instead of trying to bury the company.HUB
EyesonHawk2
02 Sep 2017
Re: Canyon Bridge, Lattice caddie......"The FT state that the US blocking the Lattice deal increases the likelihood of an IMG deal."Yes see my early post via reuters.Eyeson....& fingers crossed!
Caddie
02 Sep 2017
Re: Canyon Bridge, Lattice [link]
Caddie
02 Sep 2017
Re: Canyon Bridge, Lattice [link] FT state that the US blocking the Lattice deal increases the likelyhood of an IMG deal.
