Nishtha KanalDec 31, 2013 09:57:53 IST
Private equity firm KKR & Co LLP has reported a 6.8 percent stake in chipmaker Marvell Technology Group Ltd, according to a regulatory filing.
Marvell's shares rose about 5 percent in extended trading after closing at $13.76 on the Nasdaq on Monday. KKR also said the firm may engage in discussions with the board and the company's management that may include a merger or reorganization of the business.
KKR stakes claim
Marvell, which sells chips to flash drive and mobile and wireless device makers, in November forecast fourth-quarter revenue above analysts' estimates. About 47 percent of Marvell's revenue last year came from storage customers such as Western Digital Corp and Seagate Technology, for whom it makes chips used for reading and writing data on hard-disk and flash drives.
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