Arm has approached Intel about buying part of its computer chip business as a bidding war looks set to erupt.
The British tech firm, which snubbed the London stock market in favour of a listing in New York last year, has been circling the US company in recent months.
But the Cambridge-based group was told that Intel’s chip division was not for sale, according to reports.
Intel – one of the world’s largest chipmakers – has recently announced it would cut 15,000 jobs and scrapped its dividend as it looks to ‘resize and refocus’ the business.
Shares have plunged nearly 50 per cent so far this year.
But analysts have argued that Arm’s latest advance could be the beginning of a battle for the firm.
It was reported last week that Qualcomm was also interested in buying part of the business.
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