The deadline for US semiconductor group Qualcomm to make a firm acquisition offer for London-listed Alphawave has been extended for the third time as talks continue.
Alphawave announced on Tuesday that the previously agreed deadline for Qualcomm to formally either submit an offer or withdraw from the deal had been extended to 2 June.
This is the third extension to the deadline, with the original approach from Qualcomm being made on 1 April based on a deadline of 29 April. This was then pushed to 12 May and then 27 May.
The London Stock Exchange requires ‘put up or shut up’ (PUSU) deadlines under the takeover code wherein firms that have expressed interest in acquiring a listed company must publicly declare if an official offer will or will not be made.
Shares in Alphawave rose almost 5% on Tuesday morning following the announcement. Alphawave stock has surged by more than 50% since Qualcomm initially expressed interest in acquiring it.
Jointly based in London and Toronto, Alphawave develops the underlying technology used to create semiconductors.
Should the firm be acquired by California-based Qualcomm, it will join a long line of British chip companies that acquired by international groups, including Arm and Graphcore, both bought by Japan’s SoftBank.
In April, it was reported that Arm had explored acquiring Alphawave, though it ultimately decided not to pursue the deal.
Read more: Britain’s biggest semiconductor companies
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