HTC Rejects Takeover Bid

Smartphone maker HTC on Monday adamantly denied any interest in a takeover by fellow Taiwanese tech company Asustek.

"We strongly deny the news. We didn’t contact Asusteck and will not consider the acquisition," the company said in a statement to investors. "As an international brand, HTC will continue to design world-class innovative smart devices through its pursuit of brilliance brand promise."

The statement came after Asustek Chairman Johnny Shih said he would be open to a deal with HTC last week.

David Chang, Asustek's CFO, told Reuters that Shih discussed the topic "internally" but that "the chances of an actual takeover are not big as Asustek is a company that has depended on organic growth."

Shares of HTC fell to their lowest level in a decade after the company cut its sales forecast early last week; the development raised speculation that the company could become a takeover target.