When we last heard from Imagination Technologies, the company was preparing to sell off its MIPS and Ensigma businesses as it girded itself for an extended legal battle with Apple over the use of its graphics IP. Today, the company says that in light of "interest from a number of parties for a potential acquisition of the whole Group," it's formally putting itself up for sale.
Imagination isn't naming any of its suitors at this early stage, and it's received an exemption from the UK Takeover Panel from the requirement that any of its potential buyers be publicly identified, so we likely won't know who is in the running until the company names the successful bidder. Of course, Imagination warns that there is "no certainty" that such an offer will come together to begin with.
While it's perhaps a bit sad that Imagination could cease to be an independent firm, being under the corporate umbrella of another, larger company might give it access to the resources it needs to successfully prosecute its ongoing dispute with Apple. Any sale is likely to go well above and beyond what would have been produced by the sale of Imagination's MIPS and Ensigma businesses (a process that's still ongoing). Imagination shares jumped about 17% on news of the potential sale, and any final bid will likely include a premium on top of the company's £408.6 million ($517.6 million, €464.2 million) market cap as of today.