, the UK-based chip designer in the midst of a dispute with technology giant Apple, rose on Thursday.){kind=link}
Shares in Imagination Technologies (LON:IMG), the UK-based chip designer in the midst of a dispute with technology giant Apple, rose on Thursday after it announced that it had put itself up for sale.
In a statement, the company confirmed that it had “received interest from a number of parties for a potential acquisition of the whole Group”, and thus had decided to formally initiate a sale process.
The group also confirmed that its dispute with Apple was still ongoing. The US company uses Imagination’s technology in its iPhones, iPads, and iPods under a licensing agreement, but its shares suffered in the wake of an announcement back in April that Apple would no longer use its chip designs.
Shares in Imagination sunk by over 50 percent on the announcement, which came as a big blow to the company. More than half of Imagination’s revenue comes from Apple, beginning an ongoing dispute between the two companies. Imagination believe it is impossible for the US technology giant to manufacture their products without using at least some of their intellectual property.
Back in May Imagination announced the sale of MIPS and Ensigma businesses, updating investors on Thursday that the deals were “progressing well”.
News of the sale pushed shares in Imagination up over 15 percent, with the group currently trading up 17.41 percent at 145.00 (LON:IMG).