ARM Holdings plc shares tumbled on Tuesday, as reports of a potential takeover by Broadcom Inc. surfaced. According to Sky News, Broadcom is in talks to acquire the British chip designer for around £24 billion ($32 billion). If successful, the deal would represent Broadcom’s largest acquisition to date and would significantly expand its presence in the mobile and Internet of Things markets. ARM Holdings’ stock price dropped by more than 12% following the news, while Broadcom’s shares remained relatively unchanged.
