Thur City brief: Apple linked to ARM bid
Shares of Cambridge-based chip maker ARM Holdings have been buoyed on speculation that Apple is considering acquiring the business in a multi-billion dollar deal.
Market reports have suggested that Apple wants to ring-fence its interests in ARM – its biggest and most significant supplier – by acquiring a majority stake in the company.
The rumours began in China, claiming Apple was considering a £15 per share offer. ARM’s stock rose 24p to 1147p.
Motley Fool reports that an Apple move for ARM would make sense, arguing that Apple is struggling to keep pace with burgeoning demand for its new-generation products.
London shares followed Wall St and Hong Kong higher. Reports that Greece will meet today’s deadline to pay back a €450m loan payment to the International Monetary Fund were also helping sentiment.
The FTSE100 moved back above the 7,000 point to end the day at 7,015.36, helped by easing concerns about Greece and continued M&A speculation.