Offer to buy the British-listed company is latest blow to the London Stock Exchange

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The British chip designer Alphawave has agreed to a $2.4bn (£1.8bn) takeover by its US rival Qualcomm, the latest loss to the London Stock Exchange as it struggles to hang on to large technology companies.

Alphawave, which is one of the few semiconductor companies listed in the UK, received an offer worth 183p a share and on Monday its board recommended the deal to shareholders after months of talks.