Eliyan, a connectivity technology firm, has notified some of its investors that it received a takeover bid, the Information reported Thursday, citing people familiar with the matter.

Arm (ARM), an existing investor, held early talks with the firm, but didn't make a bid and would be unlikely to do so as Eliyan is likely aiming for a $3 billion valuation, the report said.

Arm and Eliyan did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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