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Monday, July 11, 2005
ATI Shares Rally Sparks Takeover Rumours

A mini-rally in ATI Technologies shares has sparked speculation the graphics chip maker could be a takeover candidate. In a research report, an analyst with TD Securities, said the potential suitors include Broadcom Corp., AMD, Intel and Texas Instruments.

Analyst said takeover rumours surfaced last month after ATI issued its third-quarter results and provided "weak" fourth-quarter guidance.

ATI shares climbed $1.08 to $15.77 yesterday in Toronto, closing the week up 8.6%. The stock touched a 52-week low of $13.90 on July 7.

Bob McWhirter, a portfolio manager with Selective Asset Management in Toronto, said ATI could be an intriguing takeover target because there are concerns the company has failed to launch a new high-end, high-margin chip in time for the back-to-school and holiday sales seasons.

Since the graphics industry is extremely cyclical, ATI's value could suffer a short-term decline -- providing an opportunity for suitors to move before ATI can rebound in the next product cycle. "I'm suggesting that if someone does buy them, it may be an opportune time," Mr. McWhirter said. "ATI is down on their luck at the moment but they could come roaring back."

Jonathan Hykawy, a research analyst with Fraser Mackenzie Ltd. in Toronto, said takeover rumours are nothing new for ATI.

Source: http://www.canada.com

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