SOFTBANK'S £24.3 billion swoop for ARM Holdings has moved a step closer after winning the overwhelming backing of the British technology giant's shareholders.
ARM's investors voted 95% in favour of the deal, which will mark the biggest Asian investment into the UK once it is formally completed on Monday.
ARM is widely regarded as the jewel in the crown of the UK technology sector, designing microchips for Apple iPhones, Samsung's Galaxy smartphones and Amazon's Kindle e-readers.
As part of the tie-up, Japan's Softbank said it will embark on a major recruitment drive, doubling ARM's 1,600-strong UK workforce while keeping its headquarters in Cambridge.
Softbank's offer values ARM at 1700p per share, a 43% premium on its closing share price of 1189p on July 15.
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