The chief executive of ARM has denied that Apple plans to buy the company, after shares in the British chip maker surged following rumours of an imminent bid by the iPhone maker.
Acquisition talk started on the back of spectacular Apple profits announced earlier in the week.
Apple is ARM's biggest client and with the launch of the iPad, Apple was said to be keen to get tighter control of core components. City traders estimated that the bid would value ARM at more than £5.2 billion.
However, ARM CEO Warren East has poured cold water on the claims in an interview with The Guardian.
"Exciting though it is to have the share price pushed up by these rumours, common sense tells us that our standard business model is an excellent way for technology companies to gain access to our technology. Nobody has to buy the company," East told the newspaper.
ARM is one of the UK’s hottest technology companies, with its processor designs powering many of today’s top mobile devices. As well as mobile phones, ARM’s CPU’s can be found in portable games consoles, GPS satnavs, cameras and just about any gadget you can think of that requires portability from limited power.