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Imagination Technologies put up for sale in wake of Apple Inc dispute

Published: 08:12 22 Jun 2017 BST

investor facepalm
IMG halved in value earlier this year

What’s left of the Imagination Technologies Group Plc (LON:IMG) has been put up for sale, with a formal process now underway with potential bidders.

The chip maker told investors on Thursday that it had been approached by a number of parties interested in acquiring the whole company in ‘the last few weeks’ as it has been working to divest separately its MIPS and Ensigma divisions.

Imagination said the potential bidders would need to sign confidentiality agreements to participate in the formal sales process, which is being managed by advisor Rothschild, and the company added that further details regarding timelines would be disclosed ‘when appropriate’.

It comes after the collapse in the Imagination Technologies’ share price - from around 280p down to 125p before Thursday’s news - in the wake of Apple’s decision to stop using the London-listed group’s intellectual property in its future products.

Imagination, in a statement, noted that it remains ‘in dispute’ with Apple.

In Wednesday’s early deal, Imagination shares were up 20p, 15%, changing hands at 142.75p each.

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