2023-03-16 13:03:18 ET
- Silicon Motion ( NASDAQ: SIMO ) rose 6.2% on speculation that its planned sale to MaxLinear ( NASDAQ: MXL ) is nearing approval from China.
- The move comes after the CEO of Silicon Motion rival Phison Electronics said on the company's earnings conference call on Wednesday that there's a rumor that the planned sale to MaxLinear ( MXL ) is nearing approval by China's antitrust regulator, according to a transcript of the call.
- The comments come after it was reported in January that MaxLinear ( MXL ) started to proactively approach third parties in China regarding the Silicon Motion ( SIMO ) deal. In January MaxLinear ( MXL ) also said its planned purchase of Silicon Motion Technology ( SIMO ) was on track for a mid year close.
- The companies first announced the $3.8 billion deal in May.
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Silicon Motion gains after CEO of rival firm says rumor MaxLinear deal near China approval