(Reuters) — Chipmaker PMC-Sierra Inc (PMCS.O) is looking to sell itself and has hired a financial adviser, Bloomberg reported, citing people familiar with the matter.
Shares of PMC-Sierra, which has a market value of about $1.30 billion, were down 6.6 percent at $6.77 in extended trading on Thursday.
PMC is looking to be bought by other semiconductor companies, rather than by private equity firms, the report said, quoting one of the people. No deal is imminent, the report said.
Representatives at PMC were not immediately available for comment.
Santa Clara, California-based PMC designs semiconductor equipment and develops software solutions for enterprises, cloud data centers and telecom carriers worldwide.
MediaTek Inc (2454.TW) and other companies looking at entering the solid state drives (SSD) market could be eyeing PMC-Sierra, Nomura Securities said in a research note on Thursday.