Texas Instruments, Analog Devices drop potential Maxim bid - Bloomberg
Reuters
Published Jan 08, 2016 04:33PM ET
Texas Instruments, Analog Devices drop potential Maxim bid - Bloomberg
(Reuters) - Chipmakers Texas Instruments (O:TXN) Inc and Analog Devices Inc (O:ADI) have decided not to pursue an acquisition of Maxim Integrated Products Inc (O:MXIM) at this time, Bloomberg reported, citing people familiar with the matter.
Both potential buyers could not reach an agreement on price with Maxim, Bloomberg reported on Friday. (http://bloom.bg/1PjlGO0)
Maxim's shares closed down 5.6 percent at $32.33, valuing the company at about $9 billion.
Texas Instruments' shares ended 2.5 percent lower at $50.36, while Analog Devices closed down 1 percent at $49.98.
Maxim never felt it needed to sell, but would have considered an offer with a large premium, Bloomberg reported.
Semiconductor dealmaking crossed $80 billion in 2015, driven by companies' efforts to cut costs and expand.
Among the big deals were Avago Technologies Ltd's $37 billion offer for Broadcom Corp (O:BRCM) and Intel (O:INTC) Corp's acquisition of Altera Corp (O:ALTR) for $16.7 billion.
Maxim and Analog Devices declined comment, while a Texas Instruments spokeswoman said the company did not comment on rumors or competitor activity.
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