Marvell says no plans for KKR buyout

0
9

microchip5_sq1Chipmaker Marvell Technology Group said that it is not in talks with KKR about a possible buyout.

The company, which is currently 6.8 per cent owned by KKR, has been sued for patent infringement by Carnegie Mellon University.

Marvell said there was no basis for Carnegie’s concern that KKR’s investment might lead to “extraordinary corporate transactions”, which could prevent the university from collecting a final judgement, according to Reuters.

Marvell has failed to overturn a verdict which ordered it to pay $1.17bn for infringing the university’s patents.

The company said that it does not have any plans for a buyout, merger, reorganization or liquidation and has not been in negotiations with KKR over such a transaction.

“KKR’s recent vote of confidence, expressed by increasing its investment in Marvell, only provides further testament to Marvell’s financial strength,” Marvell said in a court filing, according to the report.

Copyright © 2014 AltAssets