Shares of London-listed semiconductor firm Alphawave surged as much as 8% on Monday after the company confirmed it remains in advanced discussions with US chip giant Qualcomm over a potential buyout.
The rally came as Alphawave announced an extension to the deadline for Qualcomm to submit a firm takeover offer, with the new date set for 27 May.
The talks, which began in April, have now been given extra time by the UK’s Panel on Takeovers and Mergers, allowing both sides to continue negotiations.
Alphawave shares have now risen more than 50% since the start of the year, reflecting growing investor optimism around the company’s strategic value and the possibility of a high-profile acquisition. If a deal is agreed, Alphawave would likely be delisted from the London Stock Exchange and integrated into Qualcomm’s Nasdaq-listed operations.
The extension follows a period of heightened M&A interest in Alphawave, with Cambridge-based chip designer Arm also previously exploring a takeover, though it ultimately did not proceed with a formal bid.
In January, Alphawave reported a record quarter for bookings revenue, underlining its appeal as a target in the global semiconductor sector. Both companies emphasised that discussions are ongoing and there is no certainty an offer will be made or what the terms might be.
The market, however, responded swiftly to the latest developments, sending Alphawave’s stock to its highest levels in months as investors await the next move in one of the sector’s most closely watched acquisition stories of 2025.
