Alphawave IP recommends Bidco's 'fair and reasonable' offer

(Sharecast News) - Semiconductor business Alphawave IP recommended on Monday that shareholders vote in favour of a "fair and reasonable" takeover offer by Aqua Acquisition Sub, also known as Bidco, an indirect wholly-owned subsidiary of Qualcomm. Bidco's 183.0p per share offer values Alphawave IP at approximately $2.4bn and provides certain value at "a significant premium" of 96% to its closing price of 94.0p per share on 31 March, prior to the commencement of the offer period.

Alphawave did note that a facility will be made available under which shareholders will be able to elect to receive the cash consideration payable in connection with the cash offer in GBP at the applicable market exchange rate on the latest practicable date prior to the relevant payment date meaning that the amount received by any Alphawave shareholders may therefore be below or above 183.0p per share, depending on the applicable market exchange rate that is applied.

Separately, Alphawave IP announced that it had disposed of its interest in WiseWave Technology to its existing shareholders, as disclosed in its interim results for the six months ended 30 June.

As of 0745 BST, Alphawave IP shares were untraded at 149.20p.









Reporting by Iain Gilbert at Sharecast.com