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Technology Stocks : Silicon Motion Inc. (SIMO)

SIMO 90.49

-0.5%

3:53 PM EST

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From: franklin1	3/16/2023 10:56:11 PM
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Silicon Motion gains after CEO of rival firm says rumor MaxLinear deal near China approval Mar. 16, 2023 1:03 PM ET Silicon Motion Technology Corporation (SIMO), MXLBy: Joshua Fineman, SA News Editor 4 Comments Bestgreenscreen/iStock via Getty Images Silicon Motion (NASDAQ: SIMO) rose 9% on speculation that its planned sale to MaxLinear (NASDAQ: MXL) is nearing approval from China. MaxLinear gained 2.9%.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. (Comments at 1:00:47 min mark - CLICK 3 DOTS, SHOW TRANSCRIPT)"Rumor say that Being almost agreed" to approve the transaction, Phison CEO Pua Khein-Seng said on 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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