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Imagination Technologies put up for sale amid Apple row Imagination Technologies put up for sale amid Apple dispute
(35 minutes later)
UK chip designer Imagination Technologies - which is in dispute with Apple, its largest customer - has put itself up for sale.UK chip designer Imagination Technologies - which is in dispute with Apple, its largest customer - has put itself up for sale.
Shares in the company more than halved in April when Imagination said that Apple would stop using its products. Shares in the company more than halved in April when Imagination said that Apple was to stop using its technology.
The US company uses the UK firm's chip technology in its iPhones, iPads, and iPods under a licensing agreement.The US company uses the UK firm's chip technology in its iPhones, iPads, and iPods under a licensing agreement.
Imagination said it had received interest from suitors in recent weeks so had begun a formal sale process.Imagination said it had received interest from suitors in recent weeks so had begun a formal sale process.
It added it was now in preliminary talks with potential bidders.It added it was now in preliminary talks with potential bidders.
In April, Imagination said that Apple, which accounts for about half of Imagination's revenues, would stop using its products in "15 months to two years". In April, Imagination said that Apple, which accounts for about half of Imagination's revenues, was planning to stop using its technology within "15 months to two years".
Last month, Imagination announced it had started a dispute resolution procedure with Apple over licensing payments. It also said it intended to sell two of its three core business. At the time, it questioned whether Apple would be able to develop its own computer chip designs without breaching Imagination's patents.
Last month, Imagination announced it had started a dispute resolution procedure with Apple over licensing payments.
In its latest update, the company said it remained "in dispute" with Apple.
Separately, Imagination said the sale process for its MIPS and Ensigma businesses - which was announced in May - was "progressing well", with indicative proposals received for both units.