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>> British tech firm Imagination Technologies up for sale. That's after the graphics chip designer was ditched by its biggest client, Apple. The tech giant announced in April that it was developing its own chips and would stop using Imagination's designs. On that day, Imagination share price fell by 70%.
Reuters' UK Deputy Bureau Chief, Kate Holton, is following the story.>> This was almost an existential threat to the company. The share price has hardly moved since then. So it's much cheaper, they still have very good technology, so it's now attractive to other buyers.>> Imagination says it doubts Apple can go it alone without violating Imagination's patents, analysts say legal battles are likely.
Imagination share price jumped 20% after it announced the sale on Thursday, and said it had received interest from a number of potential buyers.>> It's quite difficult to put a value on the company, when people don't know what the future relationship with Apple will be like. And so I think we might see the share price bounce around a bit in the next few days.
>> Though shares are still trading at one of their historically lowest levels, names are already emerging of businesses who might be interested in capturing Imagination.>> It's early days but there have already been some names that have come forward so far are the big US and some of the Chinese companies in the space.
So Intel, Qualcomm, there's even been a suggestion perhaps that Apple could be interested in buying it, because it's now so much cheaper than it was before. But we're going to have to wait and see on that one.