Imagination Technologies shareholders approved a 550 million pound ($730 million) cash takeover by China-backed Canyon Bridge on Tuesday, a day after the buyout firm’s founder was charged by US authorities with insider trading. Canyon Bridge’s offer to buy the British chip designer was announced on Sept. 22, a week after its bid to buy Lattice Semiconductor Corp was blocked by US President Donald Trump over national security concerns. Canyon’s founder Benjamin Chow was charged on Monday with insider trading in a case related to the attempted US deal, Reuters reports. However, a spokeswoman for Canyon said on Tuesday that the Imagination deal would not be jeopardized by the allegations, adding that Chow denies wrongdoing and intends to defend the case in court. Canyon’s takeover bid values the troubled company at 182 pence per share, a near 42% premium to Imagination’s closing price on Sept. 22.
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