UK technology firm ARM Holdings is to be bought by Japan’s Softbank for £24bn ($32bn) it confirmed on Monday.
The board of ARM is expected to recommend shareholders accept the offer – which is around a 43% premium on its closing market value of £16.8bn on Friday.
The Cambridge-based firm designs microchips used in most smartphones, including Apple’s and Samsung’s.
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ARM, which was founded in 1990, employs more than 3,000 people.
Shares in the UK technology firm surged by 45% at the open of the London Stock Exchange to 1,742.85p per share, adding £7.56bn to ARM’s market value.