Inventory of the Top Ten Semiconductor Acquisition Failure Cases in 2017

In 2016, the semiconductor industry witnessed one of its most intense periods of mergers and acquisitions, with deal volumes and sizes that rivaled the frenzy of 2015. After two years of rapid consolidation, the sector seemed to calm down in 2017. Apart from Intel's surprising $15.3 billion acquisition of Mobileye, there were few major headlines. However, despite the apparent slowdown, several high-profile deals failed, marking a challenging year for M&A in the semiconductor space. Looking at the first half of 2017, it became clear that while many deals were announced, not all succeeded. The failures stood out, highlighting the risks involved in such complex transactions. Let’s take a closer look at some of the notable "Waterloo" moments in semiconductor M&A during this period. One of the most prominent cases was Beijing Jun Zheng's attempt to acquire OV and Sibico for RMB 12.6 billion. The deal aimed to strengthen its position in image sensor technology and expand into intelligent systems. However, the transaction faced regulatory hurdles, as China’s policies restricted the company’s ability to finance the acquisition beyond its market capitalization. After a ten-month suspension, the deal ultimately collapsed, leaving investors disappointed and raising questions about the feasibility of such large-scale acquisitions. Another significant failure came when CanyonBridge, a Chinese investment fund, attempted to acquire Lattice Semiconductor. U.S. President Donald Trump blocked the deal, citing national security concerns. This marked a turning point, as the U.S. government began to scrutinize Chinese investments more closely. Lattice’s CEO expressed disappointment, noting that the deal could have created jobs and strengthened the U.S. chip industry. The incident also led to legal action against CanyonBridge’s founder, further complicating future cross-border deals. Ziguang Group’s attempt to acquire Yangtze River Storage also ended in failure. Despite initial optimism, the deal was called off due to uncertainties surrounding the profitability of the memory chip project. The National Integrated Circuit Industry Fund, a key shareholder, had concerns about the scale of the investment, leading to the termination of the restructuring plan. Ziguang later shifted focus to supporting the National Memory Base project instead. Silan Micron’s attempt to acquire Lotte Wireless also fell through, as legacy issues and regulatory challenges made it difficult to proceed. Similarly, Zhao Yi Innovation abandoned its bid for ISSI after a supplier raised concerns about potential competition, creating uncertainty around the deal. Other notable failures included Zhaoxin’s decision to terminate its acquisition of Alibaba shares, citing differences in valuation and strategic direction. Meanwhile, Dafu Technology’s planned purchase of Xiang Jiangxin was halted due to internal shareholder disagreements and financial losses. Despite these setbacks, the semiconductor industry continued to evolve. While M&A activity slowed, companies began to focus more on R&D and innovation. The year 2017 served as a reminder that even in a fast-moving sector, not every deal is successful—and sometimes, the biggest risks come from unexpected places.

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