ARM to be bought by SoftBank
Tuesday, July 19, 2016
The's (UK) largest technology company, , confirmed on Monday morning that it had accepted an offer from the company, .
ARM designs microchips used in many devices, including smart phones made byand . It is expected to invest in the so-called , where many everyday items are expected to be connected to the internet into the future.
The deal, worth £24 billion (US$32 billion), is now expected to be presented to shareholders. The amount offered per share is 43% above the value at the close of trading on Friday. Shares rose by 45% on Monday morning in response to the announcement. Three-quarters of shareholders will need to approve the deal for it to go ahead.
ARM has said its headquarters will remain in. , ARM's Chief Executive, also said a pledge by SoftBank to double ARM's workforce on the UK would be legally binding.
, the UK , said it would be the biggest investment into the UK from , as well as showing that “Britain remains one of the most attractive destinations globally for investors to create jobs and wealth”. , the , had recently questioned the benefit to the nation of such takeovers, but has said this one shows the UK can remain successful outside the .
- James Titcomb. "Japan's SoftBank to buy iPhone chip maker ARM in £24bn acquisition of Britain's biggest tech company" — , July 18, 2016
- "ARM chip designer to be bought by Japan's Softbank" — , July 18, 2016
- Paul Sandle. "ARM says did not consult with customers before Softbank deal" — , July 18, 2016