ARM shareholders support sale

Softbank’s £24.3 billion swoop for ARM Holdings has moved 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 completed on Monday.

ARM is 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.

Japan’s Softbank said it will embark on a recruitment drive, doubling ARM’s 1,600-strong UK workforce while keeping its headquarters in Cambridge.

Softbank’s offer values ARM at 1,700p per share.

This represents a 43% premium on its closing share price of 1,189p on July 15.