Cambridge MP Daniel Zeichner commented as further details of the largest takeover of a European technology company were made clear. The full terms and conditions of the Scheme of Arrangement between Japan’s SoftBank and Cambridge chip-designer Arm Holdings were finally published.
Daniel Zeichner said: “While we all hope that this will work out well for ARM, their workforce and for Cambridge, many will still have reservations. The Scheme of Arrangement process is a relatively novel process which remains untested in terms of guarantees, and reading the small-print further concerns arise. Definitions of what kind of jobs will be kept in Cambridge and the UK, what skill levels, and whether full or part-time, leave too much wriggle room for comfort. The decision meeting is in just four weeks time, with Parliament in recess and many stakeholders away. This is a big, big decision for ARM, for Cambridge and the UK and it shouldn’t be rushed.”