Oil keeps a lid on European shares, Imagination Tech soars

Reuters

British chip maker Imagination Technologies has put itself up for sale, weeks after it launched a formal dispute against Apple when the iPhone maker said it will no longer use the firm's products.

The British tech firm said it has "received interest from a number of parties for a potential acquisition" over the last few weeks, and has invited interested parties to contact Rothschild, which is advising on the sale.

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.

The US company uses the United Kingdom firm's chip technology in its iPhones, iPads, and iPods under a licensing agreement.

Imagination Technologies announced today that it has entered a formal sale process for the group, and is already in talks with potential buyers.

Absa goes to court over public protector report
Absa paid R1.23 billion for company, which had received R1.5 billion in central bank loans. She says Absa must now pay back the money.

Royalty payments and licence fees from Apple brought in £60.7m ($77m) in revenues in the year to the end of April, accounting for half of Imagination's total sales.

Imagination Technologies was once considered one the UK's brightest tech prospects, but the blow dealt by Apple in April saw shares in the company tank to their lowest level since 2009.

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

As its biggest customer, Apple accounted for almost half of Imagination's annual revenues.

The company said it had made progress with the disposal of two of its three main businesses, MIPS and Ensigma, since putting them on the block on 4 May 2017, with indicative proposals received for both businesses.

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