Apple is nearly tripling its stake in UK-based Imagination Technologies, boosting its interest to 9.5 percent with the purchase of 2.2 million new shares at £1.4275 ($2.35) each – the mid market close price on 25 June – and another 11.52 million shares.
In total, Apple is spending £3.14 million (approx. $5.17 million) for the new shares, exactly the same amount it paid last December when it purchased a 3.6 percent stake in the microchip maker.
Imagination Technologies is a two-division company: its ‘Technology’ arm is an IP licensing business providing multimedia capabilities for SoC devices (embedded graphics, video and display acceleration, multi-threaded processing, etc.), while its ‘PURE Digital’ division uses proprietary technologies as a differentiator in its consumer products, which include some of the world’s most popular DAB digital radios. Imagination also boasts PURE to be the number one supplier of radios in the UK.
Earlier this week, Intel had also increased its stake to 16.02% by buying nearly 5 million shares, a week after snapping up 25 million shares to take its shareholding to 13%.
It is believed that the increased stakes of both Apple and Intel are a direct result of the fact that Saudi group Saad was recently forced to cut back its stake in Imagination after its accounts were frozen by the Saudi central bank. Reuters says nearly 10 million shares in Imagination changed hands on Wednesday at 150 pence each, with Saad to be the likely seller.
So is this how Apple begins its offensive against Adobe flash?
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I think Apple is doing just too much..Still, they have to have their assets in proper state, so, it might not be a totally bad idea!
Apple is just trying to increase it assets Base! Nothing else..It wants to be like Google..Spread its hands everywhere possible!
Riiight, this has nothing to do with the fact that Imagination tech (PowerVR) is integral to the iPhone.
“2.2 million new shares at £1.4275 ($2.35 million) each.” WOW! I know the dollar is down against the pound, but this is ridiculous.
How can they spend the same amount at a higher share price and come away with a larger percentage?
Apple is trying to grow its base but 2.2 million shares in this recession seems a bit too much.
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