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InvenSense shares rise as takeover rumours grow

Monday, October 31, 2016 8:25
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Shares in InvenSense Inc (NYSE:INVN) rose more than 5% on Monday morning after the company confirmed that it had brought in a financial advisor to help it assess its options ahead of a possible sale.

The semiconductor manufacturer said it had sought advice in response to the “significant interest” that has been show in the company over recent weeks.

It will now evaluate these indications of interest as well as other options that may “advance InvenSense’s strategy”, although it refused to put a timeline on the review.

The California-based firm stressed to investors that the process won’t necessarily lead to a transaction of any kind.

Analysts have said, though, that another more consolidation in the industry would make sense following QUALCOMM’s (NASDAQ:QCOM) US$38bn acquisition of NXP Semiconductors N.V. just last week.

InvenSense has invested heavily into the augmented and virtual reality space as part of a move to diversify away from its core smartphone sales, with the firm’s gyroscope technology essential for games such as Pokémon Go.

Shares were up 5%, or 40c, to US$7.90.

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