ARM investors back Japanese buyout
PUBLISHED: 09:54 31 August 2016 | UPDATED: 10:02 02 September 2016
Investors in the UKs biggest tech firm were 95 per cent in favor of the deal.
But concerns have been shown by some who are worried by SoftBank’s reported $113 billion debt.
Investors will get £17 per share, more than 40 per cent on ARM’s closing price.
SoftBank also comitted to keeping ARM’s headquarters in Cambridge, and double the UK workforce over the next five years, winning the approval of government.
Some critics are urging Prime Minister Theresa May to step in and prevent the firm going into Japanese ownership, although ARM chairman Stuart Chambers has insisted that SoftBank’s commitment to stay in Cambridge and double jobs in the city are legally binding.
The deal is set to be completed on Monday, September 5.