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Bids, Mergers and Takeovers

Imagination agrees takeover by Canyon Bridge

25 September 2017 08:30

Imagination Technologies Group has agreed a recommended takeover by Canyon Bridge Capital Partners LLC, valuing it at around £550m, and agreed to sell its worldwide MIPS CPU business to Tallwood MIPS Inc for $65m in cash.

Imagination said the 182p per offer from Canyon Bridge represented a premium of 41.6% to the price on Friday.

Chief executive Andrew Heath said 'The proposed acquisition is a very good outcome for Imagination's shareholders which the Imagination directors are intending to recommend unanimously.

'Imagination has made excellent progress both operationally and financially over the last 18 months until Apple's unsubstantiated assertions and the subsequent dispute forced us to change course.' At 8:30am: (LON:IMG) Imagination Technologies Group PLC share price was +42.88p at 171.38p

Story provided by StockMarketWire.com

Related Company: IMG

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