2nd Apr 2025 11:42
(Alliance News) - Alphawave IP Group PLC on Wednesday asked its shareholders to take no action, following the announcement by US semiconductor maker Qualcomm Inc on Tuesday that it is mulling a takeover offer for the London listing.
Shares in the high-speed connectivity solutions firm had closed up more 40% in London on Tuesday but had slipped 1.9% back before its own announcement late Wednesday morning. Following the announcement, the stock was down 0.2% at 136.73 pence. Alphawave has a market capitalisation of GBP1.02 billion.
San Diego, California-based Qualcomm on Tuesday noted a recent move in Alphawave shares and confirmed "that it is considering making an offer".
"There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made," Qualcomm said.
Qualcomm has until the close of play on April 29 to announce whether it plans to make a firm offer for Alphawave.
Alphawave on Wednesday noted the announcement by Qualcomm and that there is no certainty that a firm offer will be made. It said it will provide an update "if and when appropriate".
It added: "Alphawave is confident in its strategy to become a leading semiconductor company and the value this will deliver for shareholders."
Reuters reported on Tuesday that Arm Holdings PLC recently looked into buying Alphawave. Reuters, citing three sources with knowledge of the matter, said Alphawave has been working with investment bankers to explore a sale after it received interest from Arm and "other potential acquirers".
Qualcomm, listing in New York, has a market capitalisation of USD169.89 billion. Arm, also New York-listed, is worth USD112.56 billion.
By Eric Cunha, Alliance News news editor; updated by Tom Waite, editor
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