Renesas Electronics Corp. has denied a report that it was in discussions to buy Maxim Integrated Products Inc.
"There was a news report ... concerning discussions about an acquisition, but this report was not issued by us and there is no truth to it," Renesas said in a Jan. 30 statement released to Reuters.
Earlier, CNBC reported that Renesas was seeking to acquire Maxim in a deal that could be worth approximately $20 billion. CNBC cited sources privy to the matter.
The sources reportedly said the deal is not imminent and may not happen.
A representative from Maxim declined to comment.
The report follows the Japanese semiconductor company's acquisition of Intersil for $3.2 billion in 2016.
Shares in Maxim closed 12.30% higher at $66.27 and were up 0.75% in extended hours trading.
Article amended at 1:35 PM (HK time) Jan. 30, 2018, to add Renesas' comment on talks to buy Maxim.
