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Alphwave backs long-term strategy as takeover speculation mounts
(Sharecast News) - Alphawave IP Group said on Wednesday it remained "confident" of becoming a leading player in the semiconductor sector, as takeover speculation surrounding the tech firm heightened. Shares in the chip designer, which listed on the London market in 2021, surged on Tuesday after US semiconductor giant Qualcomm said was considering making a bid.
The approach followed reports just hours earlier that fellow chip designer Arm Holdings - majority owned by Japan's SoftBank - had also been mulling a potential offer.
In a brief statement on Thursday, Alphawave acknowledge Qualcomm's expression of interest, and said it would update the market again if and when appropriate.
But it noted: "Alphawave is confident in its strategy to become a leading semiconductor company and the value this will deliver for shareholders.
"There can be no certainty that any firm offer will be made, nor as to the terms...accordingly, shareholders are advised to take no action."
Under Takeover Panel rules, Qualcomm currently has until 5pm on 29 April to either make a firm offer or walk away.
Alphawave, which is headquartered in Toronto, Canada, was co-founded in 2017 by chief executive Tony Pialis.
As at 1230 BST, the stock was down 1% at 135.10p. So far this year Alphawave shares have put on 47%.
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