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Texas Instruments Inc. and Analog Devices Inc. have decided not to pursue an acquisition of Maxim Integrated Products Inc. at this time, according to people familiar with the matter.

Neither potential buyer could reach an agreement on price with Maxim, said the people, who asked not to be identified because the negotiations are private. Maxim never felt it needed to sell, said the people, but would have considered an offer with a large premium.

Texas Instruments, the biggest maker of analog chips, held talks last year about a possible deal, people familiar with the matter said at the time. Maxim, based in San Jose, California, also received interest from Analog Devices, the people said.

Maxim continues to work with Goldman Sachs Group Inc. on strategic alternatives, including selling the company or buying smaller chipmakers, one of the people said. It could attract interest from Chinese buyers, although its size may make a deal difficult, the people said. Maxim has a market valuation of about $9.7 billion.

Representatives for Analog Devices, Maxim and Texas Instruments declined to comment.

Texas Instruments, Maxim and Analog Devices compete in the market for analog chips: semiconductor components that translate real-world things like sound and touch into electronic signals, convert power inside machinery and control mechanical functions such as activating airbags in a car.

Semiconductor companies merged at a record pace last year to pool resources and get bigger in the face of a narrowing customer base and increasing costs. Still, growth continues to slow, which may cause buyers to slow the pace in 2016. Microchip is rethinking its $9-per-share bid for Atmel Corp. upon doing due diligence on the San Jose, California-based company, people with knowledge of the matter said this week.