Imagination Technologies, the British company that produces the iPhone’s graphics chips, has formally put itself up for sale amid a dispute with Apple.
Imagination, which is based in Hertfordshire, was thrown into an uproar in April when Apple said it intended to stop using its chip designs, which powers the iPhone, iPad and Apple Watch, by 2019.
Imagination relies on Apple for more than 50% of its profits and since then has been involved in a tense stand-off with Apple. It has said it does not believe Apple is capable of producing independent graphics technology without using at least any of Imagination’s intellectual property.
Imagination’s shares rose by 20% in early trading after it had said it had received interest from some parties for a possible purchase of the whole company.
It had already announced that two of its three businesses had been put up for sale to shore up funds, and said this process was going fine, but that several buyers had expressed interest in buying the whole group.
Analysts said organizations including Intel, Qualcomm, and Apple could be potential bidders.