Imagination Technologies up for sale amid dispute with Apple

San Francisco June 23 (IANS) Britain-based Imagination Technologies former chip designer for Apple and currently in a legal dispute with the iPhone maker has put itself up for sale.

Apple used Imagination s technology and intellectual property for years.

It formed the basis of Graphics Processor Units (GPUs) in Apple s iPhones tablets iPods TVs and watches.

Over the last few weeks we have received interest from a number of parties for a potential acquisition of the whole group. The board has decided to initiate a formal sale process and is engaged in preliminary discussions with potential bidders Imagination said in a statement late on Thursday.

The company s stock surged over 20 per cent after it issued the statement media reported on Friday.

Apple announced in April that it would cut its reliance on Imagination within two years.

--IANS
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