(Reuters) -British semiconductor company Alphawave IP Group on Tuesday said the UK takeover panel has extended the deadline for a takeover offer by U.S. chipmaker Qualcomm (NASDAQ: QCOM ) to May 12.

Alphawave said it is in discussions with Qualcomm and, accordingly, agreed to extend the previous deadline of April 29 for the U.S. chipmaker to make a formal bid, as required by UK regulations.

The British company has been garnering takeover interest from the likes of Qualcomm and Arm for a crucial technology, known as "serdes", used for building AI processors.

Earlier this month, Alphawave had abstained from providing a financial forecast due to uncertainty stemming from the "rapidly developing nature" of U.S. tariffs.