Graphics component specialist Imagination Technologies (IMG) has put itself up for sale amid its ongoing dispute with tech giant Apple (US:APPL). Shares in the Hertfordshire-based company rallied as much as 20 per cent on the news, offering shareholders some salvation following a disappointing few months.
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In April, Imagination's shares lost 60 per cent of their value in one day after Apple announced that future versions of the iPhone would not use its Power VR graphics hardware which have been used in the iPhone for the last decade. It was estimated that Apple contributed half of Imagination's revenue and even more of its profits.