The semiconductor M&A wave is showing no sign of letting up, with over $120bn in announced transactions year-to-date, including 2 $10bn+ transactions, Western Digital/Sandisk and Lam Research/KLA-Tencor, announced this morning. While there is clear synergy and benefits from and ADI/Maxim merger, we believe Texas Instruments is likely to get involved should Maxim receive an offer from ADI.