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.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
This website uses cookies.
