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| Japan's Softbank to buy iPhone chip maker for £24bn | Japan's Softbank to buy iPhone chip maker for £24bn |
| (35 minutes later) | |
| Japan's Softbank is to buy ARM Holdings, one of the UK's biggest technology companies, for £24bn ($32bn). | Japan's Softbank is to buy ARM Holdings, one of the UK's biggest technology companies, for £24bn ($32bn). |
| The board of ARM is expected to recommend shareholders accept the offer - close to a 43% premium on its closing market value of £16.8bn on Friday. | The board of ARM is expected to recommend shareholders accept the offer - close to a 43% premium on its closing market value of £16.8bn on Friday. |
| The Cambridge-based firm designs microchips for an array of mobile phone devices including Apple's iPhone. | The Cambridge-based firm designs microchips for an array of mobile phone devices including Apple's iPhone. |
| ARM, which was founded in 1990, employs more than 3,000 people. | ARM, which was founded in 1990, employs more than 3,000 people. |
| 'Market leader' | |
| ARM said it would keep its headquarters in Cambridge and that it would at least double the number of its staff over the next five years. | ARM said it would keep its headquarters in Cambridge and that it would at least double the number of its staff over the next five years. |
| The deal will be funded by Softbank's own cash reserves and a long term loan from Japan's Mizuho Bank. | |
| Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son. | Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son. |
| It has previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time. | |
| Softbank intends to preserve the UK tech firm's organisation, including its existing senior management structure and partnership-based business model, ARM said. | |
| Masayoshi Son, chairman and chief executive of Softbank, said: "We have long admired ARM as a world renowned and highly respected technology company that is by some distance the market leader in its field." | |
| Analysis: Simon Jack, BBC business editor: | |
| ARM is arguably the most precious jewel in the crown of British technology. | |
| Softbank considers ARM well placed to exploit the "internet of things" - the embedding of microchips in whole new categories of household and business devices. | |
| But the proposed takeover poses a dilemma for the new government. | |
| Along with high executive pay, Prime Minister Theresa May has put foreign takeovers on her radar of business dealings that may be bad for the national interest. | |
| However, the government will be keen to show that the recent Brexit vote has not deterred foreign investment. | |
| Barring government intervention, the final decision will be made by shareholders. | |
| Mr Son added: "ARM will be an excellent strategic fit with the Softbank group as we invest to capture the very significant opportunities provided by the internet of things" | |
| Chancellor Phillip Hammond reacted to the news of the takeover by saying it showed UK companies had lost none of their "allure to international investors". | |
| "Britain is open for business - and open to foreign investment. Softbank's decision confirms that Britain remains one of the most attractive destinations globally for investors to create jobs and wealth. | |
| "And as ARM's founders will testify, this is the greatest place in the world to start and grow a technology business," he added. |