SAN FRANCISCO—Chip vendor Advanced Micro Devices Inc. (AMD) said Tuesday (Nov. 13) its board of directors is not actively pursuing the sale of the company after a national news service reported the firm hired financial experts to explore strategic options, including the possible sale of the company.
"AMD's board and management believe that the strategy the company is currently pursuing to drive long-term growth by leveraging AMD's highly-differentiated technology assets is the right approach to enhance shareholder value," an AMD spokesman said in a statement emailed Tuesday. "AMD is not actively pursuing a sale of the company or significant assets at this time."
The Reuters news service reported Tuesday that AMD hired JPMorgan Chase & Co. to explore its strategic options, including the potential sale of AMD.
AMD last month announced it would lay off 15 percent of its employees to cut costs while undertaking an aggressive push into embedded markets to counter declining PC sales.
AMD's stock price surged near the close of trading Tuesday after the Reuters report broke. The stock ended the day at $2.09, up 5 percent from Monday's close.