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Wolfson Shares Rocket 72% on Apple Supplier Cirrus Logic TakeoverReuters

Shares in Wolfson Microelectronics have rocketed 72% after US group Cirrus Logic sealed a deal to take over the Scottish technology company.

The Wolfson stock price hit 231.50p by 1100 BST after the group agreed to the Texas-based company offered 253.00p per share, bringing the Edinburgh-based firm's value to £291m (€353m, $489m).

Wolfson employs around 420 at 12 locations worldwide but has axed jobs over the last year due to than expected revenue.

It makes audio microchips that are used in consumer products, such as Samsung smartphones.

Cirrus supplies Apple with similar products.

"Together with Cirrus Logic, we believe this will create a powerful platform for future growth, above and beyond our standalone potential," said Wolfson Chairman Michael Ruettgers.