29th August 2014
Apple chipmaker CSR saw its share price rise by a third in online trading on Thursday, after it rebuffed a takeover attempt from Microchip Technology.
The UK-based firm, which provides some of the tech for Beats devices, specialises in connectivity, meaning it's ideal for wirelessly connecting your devices to speakers so you can stream your music without having to be worried about cable spaghetti.
However, the growth in the Internet of Things is what Microchip has its eye on, where gadgets being able to talk to each other will have much more practical implications, like controlling all the electrical elements of your home from your smartphone – even if you're not in at the time.
The bid from Nasdaq-listed Microchip pushed CSR stocks close to £8 each at one point yesterday, but analysts reckon a bid closer to £11 a share may be necessary to convince the British-based concern to sell. At the end of online trading in London yesterday, CSR's shares were up 35 per cent at £7.80 each.
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