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Canyon Bridge Is Said to Ready Imagination Bid Minus U.S. Unit

  • Chinese-backed firm wants to avoid U.S. regulatory scrutiny
  • Imagination began sale after announcing loss of Apple business
Micron Technology Inc. Double-Data-Rate Synchronous Random-Access Memory (SDRAM) chips are arranged for a photograph in Tokyo, Japan, on Wednesday, July 15, 2015.
Photographer: Tomohiro Ohsumi/Bloomberg

China-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.