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Marvell says not in talks with shareholder KKR on a buyout

16
Jan
2014

(Reuters) – Marvell Technology Group Ltd on Wednesday said it is not in talks with KKR & Co on a major transaction such as a buyout, a little over two weeks after the private equity firm reported a 6.8 percent stake. The chipmaker made the disclosure in a filing with the U.S. District Court in Pittsburgh, where it is defending against a lawsuit by Carnegie Mellon University alleging patent infringement in connection with computer disk drives. On Tuesday, U.S. District Judge Nora Barry Fischer rejected Marvell’s bid to cut $620 million from a $1.17 billion jury verdict against the company. Marvell, in its filing, rejected what it called Carnegie Mellon’s concern that the KKR investment might herald “extraordinary corporate transactions” that could threaten the university’s ability to collect a final judgment.

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