LONDON, June 22 (Reuters) - Imagination Technologies , the British company in dispute with its biggest customer Apple over licensing rights, said on Thursday it had put itself up for sale.
The company said in April that Apple had notified it of its decision to develop its own graphics chips and would no longer use Imagination’s processing designs in 15 months to two years time, sending its shares down 70 percent on the day.
“Imagination Technologies announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole group,” it said.
“The board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders.”
Reporting by Kate Holton; Editing by Susan Fenton