Alphawave IP extends Qualcomm PUSU deadline for third time

(Sharecast News) - Semiconductor group Alphawave IP has extended the 'put up or shut up' deadline for California-based sector giant Qualcomm for a third time as the parties continue talks regarding a takeover. Qualcomm, which has a market cap of $158bn, first announced on 1 April that it was considering making an offer to acquire Alphawave as it looks to get its hands on the latter's SerDes chips, which help high performance connectivity in servers and networks.

After extending the deadline by which Qualcomm needs to either show a firm intention to make an offer or walk away on 29 April and again on 12 May, Alphawave announced on Tuesday the date by a further week to 2 June.

"Alphawave and Qualcomm remain engaged in discussions in respect of a possible offer," the UK-listed company said in a statement.

"There can be no certainty that a firm offer will be made, nor as to the terms on which it will be made. A further announcement will be made as and when appropriate."

Alphawave shares were up 2.5% at 145.14p by 0855 BST, giving the company a market cap of £1.1bn, with the shares having risen more than 50% since the Qualcomm talks were first announced.