Arm Holdings Plc approached Intel Corp. about potentially buying the ailing chipmaker’s product division, only to be told that the business isn’t for sale, according to a person with direct knowledge of the matter.

Arm Holdings approached Intel about potentially acquiring the company's product division but was told that the business is not for sale, Bloomberg News reported on Thursday.

Arm Holdings reportedly approached Intel about acquiring its product division, which develops and sells processors for PCs, servers, and networking gear. Intel declined, stating the division is not for sale, reports Bloomberg.