President Trump, China and corporate America weaved together in one story on Thursday, and it involved chip maker Lattice Semiconductor corp (NASDAQ:LSCC)
The US government, via the committee on foreign investment in the US, blocked the sale of the latter to a group of Chinese investment funds called Canyon Bridge, citing national security grounds.
Shares in Lattice dropped a bit overnight but are currently changing hands up 0.52% at $5.69 each.
Canyon had agreed to stump up $1.3bn to make the deal but President Trump made the order blocking the sale after a Lattice Semi appeal of the initial CFIUS (committee on foreign investment) recommendation.
"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 U.S. government, and the use of Lattice products by the U.S. government," the statement reads.