2020 was the second highest on record for semiconductor mergers and acquisitions. With chips in short supply and foundries ramping up, Silicon Laboratories (SLAB)— a fabless semiconductor company in the IoT space— expects new deals on the horizon.

The company offers the obligatory warning in its 10-Ks about competing in a highly competitive industry. But in its 2020 10-K, Silicon Labs includes new language identifying its competitors as takeout targets:

“Furthermore, our current or potential competitors may be acquired by third parties with greater available resources and the ability to initiate or withstand substantial price competition, which may include price concessions, delayed payment terms, financing terms, or other terms and conditions that are more enticing to potential customers.”

Silicon Labs boasts of a diversified product portfolio that serves numerous markets meaning the company has many competitors. While this makes it difficult to identify which of SLAB’s competitors may be for sale, the company does offer investors a list of names— some of which are serial acquirers and others that have been acquisition targets in the past:

“We compete with AltoBeam, Analog Devices, Aura, Broadcom, Dialog, Espressif, Infineon, Maxim Integrated Products, MaxLinear, MediaTek, Microchip, Nordic Semiconductor, NXP, Qualcomm, Rafael, Renesas, STMicroelectronics, Synaptics, Telink, Texas Instruments and others.”