Texas Instruments, Analog Devices drop potential Maxim bid – Bloomberg

(Reuters) — Chipmakers Texas Instruments Inc and Analog Devices Inc have decided not to pursue an acquisition of Maxim Integrated Products Inc 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. (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 and Intel Corp’s acquisition of Altera Corp 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.