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Barr Ellison Solicitors – commercial property
21 November, 2014 - 09:24 By Tony Quested

Other suitors refuse to top Qualcomm bid for CSR

CSR chief executive Joep van Beurden

Third parties in talks with Cambridge UK wireless business CSR have declined to match or top the $2.5 billion bid by Qualcomm.

It leaves the field open for shareholders to tick through the Qualcomm takeover at the December 4 special meeting.

Business Weekly reported that global giants other than Qualcomm were interested in the Cambridge company in view of its progress in future technology plays such as wearables and IoT.

CSR issued a statement to the London Stock Exchange this morning confirming that all additional third parties with which CSR was previously in discussions – other than Qualcomm – had confirmed that they did not intend to make an offer for the company.

As a result they have been ruled out of the reckoning it added.

Arizona-based Microchip officially pulled out last week. Silicon Valley sources had told Business Weekly that Intel and Apple were both believed to be interested. Both companies have increasing business interests in Cambridge.

Intel is operating here in stealth with partner companies while Apple is finalising legals for a move to 90 Hills Road in Cambridge – the specifics of which should be completed in the first week of December.

Apple is believed to be staffing the operation through the acquisition of a young Cambridge tech company. It will fit out the building for around 20 staff working in office and R & D functions and hopes the Cambridge facility will be ready to roll early in the New Year.

It is understood that existing CSR chief executive Joep van Beurden will stand down once the Qualcomm acquisition is completed next summer.

 

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