Written question asked by Lord Myners (Crossbench) on Wednesday, 20 July 2016, in the House of Lords. It was due for an answer on Wednesday, 3 August 2016. It was answered by Baroness Neville-Rolfe (Conservative) on Tuesday, 30 August 2016 on behalf of the Department for Business, Energy and Industrial Strategy.

ARM: SoftBank

Question: To ask Her Majesty’s Government how they propose to enforce the commitments they have obtained from SoftBank in connection with employment and the location of the headquarters of ARM Holdings.

Answer: The Takeover Panel is responsible for enforcing the post offer undertakings given by SoftBank under the terms of the Takeover Code. Grant Thornton LLP has been appointed as an independent supervisor under the Code to monitor compliance with the undertakings. The Takeover Panel can require SoftBank to submit written progress reports in such form and as frequently as it requires and can take disciplinary action if the undertakings are not fulfilled. The Department for Business, Energy and Industrial Strategy will continue to monitor developments.

Secondary information