Shares in the London-listed semiconductor technology group Alphawave jumped as much as 8% on Monday as it holds discussions over a potential buyout from US giant Qualcomm.
Alphawave announced on Monday that it had agreed to an extension of the deadline for Qualcomm to provide a firm offer, with the talks first proposed in April.
The Californian semiconductor and telecoms group now has until 27 May to submit an official offer, or announce it no longer intends to pursue the acquisition.
Both companies remain engaged in discussions in respect of a possible offer. Should a deal be agreed, Alphawave would most likely be delisted from the London Stock Exchange as it incorporates into the Nasdaq-listed Qualcomm.
Shares in Alphawave have risen by more than 50% since the start of the year.
The announcement comes just over a month after it was reported that Cambridge-based chip design group Arm had sought to acquire Alphawave.
The New York-listed firm, majority-owned by Japanese conglomerate SoftBank, was interested in gaining access to Alphawave’s IP to support its push into designing its own chips. Arm, however, ultimately did not progress with a firm offer.
In January, Alphawave posted a record quarter for bookings revenue, pulling in £151.6m in the last three months of 2024.
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