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Imagination Technologies rockets as Tsinghua buys 3% stake

Mon, 09th May 2016 09:50

(ShareCast News) - Shares in Imagination Technologies rocketed on Monday after it revealed Chinese state-backed conglomerate Tsinghua Unigroup International acquired a 3% stake in the London-listed chip designer.Tsinghua Unigroup, which is part of Tsinghua University and owns stakes in Western Digital Corp and Powertech Technology Inc, tried and failed to acquire US-based Micron Technology last year.Meanwhile, Apple confirmed back in March that it had held takeover talks with Imagination Technologies, which designs chips for the US tech giant.However, Apple said it did not plan to make an offer for Imagination.At 1140 BST, IMG shares were up 13% to 170.75p.Atif Latif, director of trading at Guardian Stockbrokers, said this was welcome news for IMG, which has recently suffered a tough time due to weakness in the overall sector."With the miss on Apple numbers recently, IMG has continued to weaken as a read-across but we still continue to see absolute upside given the discounted valuation the market currently prices in," he said.
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5 Aug 2014 16:07

FTSE 250 movers: Imagination Technologies gains on upgrade

Imagination Technologies Group was a top riser on Tuesday after Liberum recommended investors buy the shares. The broker upgraded the stock to 'buy' from 'hold', citing an "attractive risk-reward" on the back of a weak share price since full year 2014 results in June. Liberum said Apple's new prod

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5 Aug 2014 12:43

Broker tips: Royal Mail, Meggitt, Intertek, Imagination

Royal Mail Group's (RMG) stock was dented on Tuesday by comments from Credit Suisse, which said it sees "no near-term positive catalysts" for the postal company. The bank slashed its target price for the shares from 460p to 360p as it kept an 'underperform' recommendation, saying that RMG's margin

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5 Aug 2014 11:20

Liberum upgrades Imagination after recent sell-off

The recent weakness in Imagination Technologies' share price has prompted Liberum to hike its recommendation for the stock from 'hold' to 'buy', saying it now sees significant upside if the chip designer can deliver on its targets. "Imagination's share price has been weak, declining by 28% since [i

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10 Jul 2014 08:25

Imagination Technologies Chairman Geoff Shingles to step down

Geoff Shingles, the long-running Chairman of chip group Imagination Technologies, is to retire within the next year, the company announced on Thursday. Shingles, who has chaired the board since 1994, said he intends to step down within the next six to 12 months when a successor has been appointed.

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10 Jul 2014 07:37

Imagination Technologies Chairman To Retire Once Successor Found

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1 Jul 2014 08:18

London open: Upbeat China data gives markets a boost

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30 Jun 2014 09:53

MARKET COMMENT: FTSE 100 Higher But Set To End June With Loss

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