Canyon Bridge Capital has agreed to acquire British chip design company Imagination Technologies for £550 million, or £182 per share. Not only does that represent nearly a 42% premium on Thursday's closing price, but also a big boomerang for both buyer and seller:

  • Buy-side: Canyon Bridge is the China-backed private equity firm that was just blocked by the Trump Administration from buying Lattice Semiconductor, due to national security concerns. That experience is probably why the deal will not include Imagination's U.S. embedded processor subsidiary, which instead will be sold to Tallwood Venture Capital in a separate transaction.
  • Sell-side: Imagination generated around 40% of its revenue by selling graphics processing units to Apple for use in iPhones. But when Apple announced in April that it would develop its own GPUs, Imagination stock fell by more than 60%.
  • More pricing context: Canyon Bridge is paying a 77% premium to that April low point, but 33% less than where Imagination shares were trading just prior to the Apple announcement.

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Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.