LONDON, July 18 (Reuters) - European shares rose on Monday, boosted by a surge in ARM after Japan’s SoftBank agreed to by the chip designer at a premium of more than 40 percent to Friday’s closing price.
ARM rose 45 percent to a record high of to 1,733p after SoftBank agreed to buy the British chip designer in a 24.3 billion pound ($32.2 billion) deal.
The deal will see SoftBank pay 1,700p for every ARM share, and the Japanese firm said it would double ARM’s UK staff and keep its headquarters in Cambridge.
Sector peers Dialog Semiconductor, AMS and STMicro rose 4.6 percent, 3.6 percent and 1.6 percent respectively.
Reporting by Alistair Smout; Editing by Andrew Heavens