Marvell Open To Sale: Reports

(RTTNews) - Semiconductor maker Marvell Technology Group Ltd. (MRVL) is open to a sale, according to a report from the New York Post.

The report indicates Avago Technologies as a potential buyer of Marvell. Marvell mostly makes chips for storage devices and networking-gear equipments.

Marvell, which was facing investigations into its accounting practices, said this week that its audit committee had finished a six- month investigation into allegations of accounting fraud and found now wrongdoing.

Activist investor firm Starboard Value LP last month said it acquired a 6.7% stake in Marvell.

Last month, Marvell Technology agreed to pay $750 million, with no ongoing royalty payments, to Carnegie Mellon University, a private research university, to settle a patent infringement lawsuit.