UK takeover panel gives Qualcomm more time to make bid for Alphawave
FILE PHOTO: A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -British semiconductor company Alphawave IP Group on Tuesday said the UK takeover panel has extended the deadline for a takeover offer by U.S. chipmaker Qualcomm to May 12.
Alphawave said it is in discussions with Qualcomm and, accordingly, agreed to extend the previous deadline of April 29 for the U.S. chipmaker to make a formal bid, as required by UK regulations.
The British company has been garnering takeover interest from the likes of Qualcomm and Arm for a crucial technology, known as "serdes", used for building AI processors.
Earlier this month, Alphawave had abstained from providing a financial forecast due to uncertainty stemming from the "rapidly developing nature" of U.S. tariffs.
(Reporting by Yamini Kalia in Bengaluru; Editing by Savio D'Souza)
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