Imagination Technologies Group PLC, a British chip designer mired in an intellectual property dispute with Apple Inc, said it has received takeover interest from several parties in recent weeks, prompting it to start a formal sale process.
Imagination Technologies has initiated preliminary talks with potential bidders and is being advised by Rothschild & Co, the Kings Langley, England-based company said in a statement yesterday.
The sale process of its MIPS Technologies Inc and Ensigma units, begun last month, is progressing and Imagination has received indicative proposals for both divisions, it said.
Intel Corp, Ceva Inc and MediaTek Inc (聯發科), as well as some Chinese firms, might be interested in bidding, London-based Liberum Capital Ltd analyst Janardan Menon said in a note to clients.
Shares of Imagination soared at the market’s open, climbing as much as 21 percent in the biggest intraday increase since December last year. The shares were up 17 percent at ￡1.45 as of 9:11am in London yesterday.
The stock had this year through Wednesday plunged 51 percent amid a spiraling dispute with its biggest customer, Apple.
The British company, which relies on the iPhone maker for about 50 percent of its sales, on April 3 said in a statement that Apple would stop using its intellectual property in new products.
A month later it said it had been unable to make satisfactory progress with the US technology giant and decided to sell assets after a strategy review.
Imagination Technologies risks losing future royalty payments from Apple, which had previously warned the British supplier that it would cease using its graphics technology for new products, including smartphones, tablets and smartwatches, in 15 months to two years.
Apple, which owns an 8.1 percent stake in Imagination Technologies, reportedly considered acquiring the UK supplier as recently as last year.
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