Imagination Technologies Sale to Canyon Bridge in the Clear as Rival Fund Ruled Out

Imagination Technologies Sale to Canyon Bridge in the Clear as Rival Fund Ruled Out
Highlights
  • Imagination said the sale could now go ahead without a shareholder vote
  • The unnamed third-party is no longer involved in the sale process
  • Canyon Bridge was announced to buy Imagination Tech for GBP 550 million
Advertisement

Imagination Technologies, the British chip designer selling itself to a China-backed buyout fund, said on Wednesday another potential buyer had ruled itself out, removing a potential hurdle to the GBP 550 million ($737 million) deal.

The sale to Canyon Bridge Capital Partners, announced on Friday, is contingent on Imagination offloading its MIPS processor technology in a separate $65 million deal to Tallwood Venture Capital.

Imagination said the MIPS sale could now go ahead without a shareholder vote after the unnamed third-party was no longer involved in the wider sale process.

"Imagination has now received confirmation that the relevant party is no longer actively considering making an offer for Imagination," the company said.

"Accordingly, the sale of MIPS does not require shareholder approval."

Imagination put itself up for sale after Apple, its biggest customer, said it was developing its own graphics and video processing technology, sending shares in the British company down 70 percent.

© Thomson Reuters 2017

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Nokia 8 First Impressions
Satya Nadella Immediately Put His Mark on Microsoft as CEO, Says Bill Gates
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »