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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.

Go deeper

The Week America Changed

Sandberg thought Zuckerberg was "nuts" on remote work in January 2020

Photo illustration: Sarah Grillo/Axios. Photo: Paul Marotta/Getty Image

Chief operating officer Sheryl Sandberg thought Mark Zuckerberg was "nuts" when he raised the possibility in January 2020 that 50,000 Facebook employees might have to work from home. By March 6, they were.

Why it matters: In an interview Monday with Axios Re:Cap, Sandberg explained how Facebook moved quickly to respond to the pandemic with grants for small businesses and work-from-home stipends for its employees, and how the company has been watching the unfolding crisis for women in the workforce.

Supreme Court declines to hear case on qualified immunity for police officers

The Supreme Court on March 5. Photo: Olivier Douliery/AFP via Getty Images

The Supreme Court on Monday declined to hear an appeal for a lawsuit brought against Cleveland police officers that challenges the scope of qualified immunity, the legal doctrine which has been used to shield officers from lawsuits alleging excessive force, Reuters reports.

Why it matters: The doctrine has been the subject of scrutiny from civil rights advocates. Eliminating qualified immunity was one of the key demands of demonstrators during nationwide protests in 2020 following the killing of George Floyd.