Key Developments: Imagination Technologies Group PLC (IMG.L)
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Latest Key Developments (Source: Significant Developments)
Imagination Technologies Group PLC Does Not Propose Dividend
Imagination Technologies Group PLC announced that the directors dis not propose the payment of a dividend (2012: Nil). Full Article
Imagination Technologies Group PLC Sees H2 2013 Pre-Tax Profit Guidance Below Market Expectations
Imagination Technologies Group PLC announced that for the second half of 2013, it expects adjusted pre-tax profits to be below market expectations due to the closure timing of a number of licensing deals and continued short-term pressure on Pure's revenue. According to I/B/E/S Estimates, analysts were expecting the Company to report pre-tax profits of GBP26.1 million for the second half of 2013. Full Article
UBC Media Group PLC Updates on Imagination Technologies Group PLC's Investment
UBC Media Group PLC announced a further investment by Imagination Technologies Group PLC (Imagination). UBC has issued 8,333,333 new ordinary shares of 1 penny (p) each to Imagination in the share capital of the company (New Ordinary Shares) at a price of 2.4p per New Ordinary Share. Further to this acquisition, Imagination will hold a total of 27,857,373 ordinary shares which represents 13.68% of UBC's enlarged voting rights. The company has also issued Imagination with an Option to purchase 3,169,010 of shares for a total amount of GBP 1 on the satisfactory completion of certain commercial conditions. If the Option to purchase the maximum number of ordinary shares were exercised, Imagination would be the holder of a total of 31,026,383 ordinary shares, representing 15.00% of the enlarged voting rights. Full Article
Taiwan Semiconductor Manufacturing Co Ltd And Imagination Technologies Group PLC Announces Technology Collaboration
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) and Imagination Technologies Group PLC announced the next phase of their technology collaboration. As part of this new phase of their relationship, Imagination will work closely with TSMC to develop highly optimised reference design flows and silicon implementations using Imagination's PowerVR Series6 GPUs combined with TSMC's advanced process technologies, including 16-nanometer (nm) FinFET process technology. Imagination and TSMC R&D teams will also work together to create fully characterised reference system designs, utilizing high bandwidth memory standards and TSMC's 3D IC technology capability to demonstrate new levels of system performance and capabilities while retaining all the essential characteristics of power, silicon area and small package footprint demanded by high volume mobile SoCs. Full Article
Imagination Technologies Group PLC Announces Completion of MIPS Technologies Acquisition
Imagination Technologies Group PLC announced that it has completed the acquisition of the operating business and certain patent properties of MIPS Technologies, Inc. as well as license rights to all of the remaining patent properties. The Company also announced that the cash consideration of USD 100 million was paid on completion, financed from the Company's existing cash resources and a new acquisition facility. Full Article
Imagination Technologies Group PLC Signs Further License Agreement With MediaTek Inc
Imagination Technologies Group PLC announced that it has signed a further license agreement with MediaTek Inc, a fabless semiconductor company for wireless communications and digital multimedia solutions, for a multi-core member of Imagination's PowerVR SGX Series5XT graphics processor family. MediaTek will deploy the technology in SoC devices targeting the digital TV market. Under the terms of its licensing arrangements Imagination receives license fees, and royalty revenues on shipment of SoCs incorporating Imagination's IP. Full Article
MIPS Technologies Inc and Imagination Technologies Group plc Agree to Revised Merger Terms Providing for USD100 Million Purchase Price
MIPS Technologies Inc announced that it entered into a new amendment to its merger agreement with Imagination Technologies Group plc originally announced on November 5, 2012, and all amendments thereto (the Merger Agreement). The latest amendment provides for a purchase price of USD100 million. As a result of the amendment, the net proceeds to each holder of MIPS common stock, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC and proposed recapitalization, has increased to approximately USD7.94 per share in cash. The Merger Agreement is otherwise in full force and effect. The amendment follows the submission of a definitive proposal from CEVA, Inc. to acquire MIPS for USD90 million (the CEVA Proposal), which was announced on December 12, 2012 to have been determined by the MIPS Board of Directors to be a "Superior Proposal" to the Merger Agreement with Imagination. J.P. Morgan is acting as exclusive financial advisor to MIPS and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor. Full Article
MIPS Technologies Inc's Board of Directors Determines CEVA Inc 's Acquisition Proposal is Superior to Acquisition Agreement with Imagination Technologies Group plc
MIPS Technologies, Inc. announced that the MIPS Board of Directors has unanimously determined that a new proposal from CEVA, Inc. to acquire MIPS Technologies (the CEVA Proposal), constitutes a 'Superior Proposal' to the merger agreement with Imagination Technologies Group plc., originally announced on November 5, 2012, including all amendments thereto (the Merger Agreement). CEVA proposes to acquire for $90 million (U.S.) in cash all of the outstanding MIPS shares, plus the breakup fee for the Imagination Merger Agreement, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC and proposed recapitalization. The CEVA Proposal has been unanimously approved by CEVA's Board of Directors. MIPS has notified Imagination Technologies Group plc that the MIPS Board of Directors intends to effect an adverse recommendation change or terminate the Merger Agreement, but is prepared to continue negotiations if Imagination chooses to adjust the terms of the Merger Agreement. MIPS is obliged to negotiate with Imagination in good faith until the end of the business day on December 14, 2012 to make adjustments to the terms and conditions of the Merger Agreement, such that the CEVA Proposal no longer constitutes a 'Superior Proposal'. There is no assurance that the transactions proposed with either CEVA or Imagination Technologies will be completed. Full Article
MIPS Technologies Inc andImagination Technologies Group plc Agree to Revised Merger Terms Providing for $80 Million Purchase Price
MIPS Technologies Inc announced that it entered into an amendment to the agreement with Imagination Technologies Group plc previously announced on November 5, 2012 (the Merger Agreement). The amendment provides for an increased purchase price of $80 million and the removal of the conditions to closing requiring the approval of the Committee on Foreign Investment in the United States and that MIPS is not a real property holding corporation. As a result of the amendment, the net proceeds to each holder of MIPS common stock following the consummation of the patent sale and recapitalization as previously announced, has increased to approximately $7.64 per share in cash. The Merger Agreement is otherwise in full force and effect. The amendment followed the submission of a definitive proposal from CEVA, Inc. to acquire MIPS for $75 million, as previously announced, stating that it had completed its confirmatory due diligence and had received unanimous board approval, and the delivery of a notice by MIPS to Imagination Technologies that the MIPS board of directors had determined the proposal from CEVA to be a "Superior Proposal." J.P. Morgan is acting as exclusive financial advisor to MIPS and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor. Full Article
Imagination Technologies Group plc Faces Competition For MIPS Technologies Inc Buy-Reuters
Reuters reported that Imagination Technologies Group plc's $60 million pursuit of the operating business of MIPS Technologies Inc faces competition after the U.S. company received a higher bid from a rival firm. Imagination, which is looking to buy the MIPS business to gain patents and step up its challenge to an increasingly dominant ARM Holdings, said on Wednesday that the MIPS board continues to recommend its offer. Full Article
Imagination Technologies' profit dips on licensing slowdown
LONDON - Imagination Technologies, the British chip designer whose graphics technology is in smartphones from Apple and Samsung, reported lower full-year profits as licensing slows.
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