Imagination Technologies in Takeover Talks

Imagination Technologies Group PLC (IMG.LN), the U.K. tech company whose share price crashed earlier this year when Apple Inc. (AAPL) said it would stop using the chip designer's technology in its devices, said Thursday it has been approached about being taken over.

Imagination said it "has received interest from a number of parties for a potential acquisition of the whole group."

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It said it has "decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders."

The company, which specializes in graphics technology, also said it has received proposals about buying two of its non-graphics businesses.

The company remains in dispute with Apple, it said.

Shares in Imagination fell more than 70% in April when Apple said it would stop using Imagination's technology in its new products in about 15 months' time.

-Write to Rory Gallivan at; Twitter: @RoryGallivan

(END) Dow Jones Newswires

June 22, 2017 02:34 ET (06:34 GMT)