An initial public offer of ARM Holdings is back on the table after owner SoftBank removed a significant obstacle.
After NVIDIA pulled out of its US$40bn takeover bid, Softbank had been unwilling to pursue an IPO while its 49% owned Chinese joint venture remained in flux after its chief executive Alan Wu was fired but refused to go.
Although Wu had been sacked in June 2020, he refused to hand over documents allowing the appointment of a new leader, with Softbank unable to take control due to its minority stake.
But Nikkei reported today that Arm confirmed it has replaced Wu, with Reuters also reporting the news.
Executives of SoftBank have reportedly been appointed to lead the Chinese arm.