Takeover fever grips City as three UK firms receive US offers

Alphawave, Oxford Ionics and Spectris targeted as flagging share prices leave British companies vulnerable

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American investors are poised to snap up three companies listed on the London Stock Exchange for a combined value of more than 5bn, as flagging share prices leave British companies vulnerable to takeovers.

Alphawave, which is one of the few semiconductor companies listed in the UK, received an offer worth 183p a share from the US rival Qualcomm and on Monday the British company's board recommended the deal to shareholders after months of talks.