Last month we heard that Apple had decided to stop using the graphics chips from Imagination Technologies in its future iPhones.
The two companies are in the middle of dispute resolution and now Imagination Technologies has announced that it is putting itself up for sale.
Imagination Technologies Group plc (LSE: IMG, “Imagination”, “the Group”) announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole Group. The Board of Imagination has therefore decided to initiate a formal sale process for the Group and is engaged in preliminary discussions with potential bidders.
The sale process for the MIPS and Ensigma operations, which commenced on 4 May 2017, is progressing well and indicative proposals have been received for both businesses.
Further to the announcement on 4 May 2017, Imagination remains in dispute with Apple Inc.
Imagination has agreed with the UK Takeover Panel (the “Panel”) that any such discussions with third parties may be conducted within the formal sale process framework set out in Note 2 on Rule 2.6 of the Takeover Code (the “Code”). The Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party will not be required to be publicly identified as a result of this announcement (subject to Note 3 to Rule 2.2 of the Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process.
You can find out more details about Imagination Technologies plans to sell the company over at their website at the link below.