Tired and Confused
26 Sep 2017
Re: sky take on takeover Or maybe Apple have taken all they want from a very leaky IMG by the back door and are content to pay a few lawsuits out as and when?You have to remember just how stupid IMG were for allowing Apple to customise their products and for so little reward, but then Apple had the them by the balls because they had become so important to IMG and any direct or implied threat of withdrawal by Apple from using IMG IP represented an existential risk. Maybe IMG finally tried to gain proper payment and control of their IP and maybe that is why Apple cut the umbilical cord.I bought a few of these 2 weeks ago as a speculative trade, shame they didn't drift a little cheaper but 2 weeks ago it was clear an offer was coming soon. I have every interest in believing a counter bid is coming but sadly I doubt it is. Apple have what they want already via leaking, employing ex IMG technicians and no doubt other means as well. So, they may have to pay a few fines, they can afford it and sooner or later it all goes away. The Chinese are buying a business from which Apple have probably taken what it wants. More to the point is whatever the new Chinese owned IMG develops in future may continue to find its way back to Apple, just as it probably has in the past. hence the comment in the previous post, IMG really could be a Trojan horse. IMG has been leaky in the past and no reason to assume it won't be leaky in the future, after all Apple can afford to pay for what it wants and needs one way or another!AIMHO
Hub
26 Sep 2017
Re: sky take on takeover I said it before... IMG is strategically important and considering the attention it seems to be getting from Apple, ARM, UK gov and US gov... one starts to ponder what the 'real' worth of IMG really is?For a £550m company, this is getting way more attention across the media than it warrants.This is all Apple's doing and thus UK Gov should not get involved or serious questions will be asked.HUB
EyesonHawk2
26 Sep 2017
ARM ready to swoop Todays Telegraph:SEE:[link] ready to swoop on Imagination if Chinese takeover blockedhe microchip designer ARM is attempting to position itself as a white knight ready to save its struggling rival Imagination if a Chinese takeover is blocked.The Cambridge giant, acquired by Japan’s SoftBank in a £24bn swoop last year, is understood to be circling the controversial sale in the hope of snatching a bargain.Sources familiar with ARM’s thinking said it was unwilling to get involved in a bidding war but is interested in being a buyer of last resort.Imagination, based in Kings Langley, Hertfordshire, on Friday agreed to be acquired by Canyon Bridge, a private equity fund backed by the Chinese state.The £550m deal brought the hammer down on an auction of Imagination triggered in June by Apple’s decision to design its own graphics microchips. The iPhone maker is Imagination’s biggest customer and its move caused a 70pc collapse in the British company’s shares.However, sources with knowledge of ARM’s plans said it remains ready to ride to the rescue if Canyon Bridge meets serious opposition.The fund, set up as part of plans to increase China’s clout in the global high-tech market already suffered a setback in the United States this month, when President Trump blocked its $1.3bn (£966m) takeover of Oregon microchip maker Lattice Semiconductor citing national security concerns.Shares in Imagination surged 28.4pc on Monday in response to the deal but ended the day at 165p, significantly short of the 182p offer price, amid concerns that Canyon Bridge could also face regulatory problems in the UK.It is understood that the Government has expressed concern about the sale. In an attempt to allay investment concerns, Canyon Bridge has promised to maintain Imagination’s UK headquarters and its 1,300 staff.ARM did not table a bid in the auction, fearing an approach for a rival would attract competition scrutiny. The former FTSE 100 company dominates the global market for general purpose mobile processors, with Imagination’s MIPS unit one of the few players attempting to challenge it, and is building strength in the graphics market that was Imagination’s traditional stronghold.A City source said: “If there’s no sale, the question is whether the Government would let over a thousand hi-tech jobs be lost rather than let ARM be the buyer.”An Imagination source said the company was aware of ARM’s interest and said it was unwelcome. The company was nevertheless required to tell investors on Monday that “one party has not confirmed whether its interest in the Imagination Group has terminated and accordingly it remains a potential offeror”.MIPS, based in California, has been excluded from the deal in an attempt to soothe American national security worries. The business will instead be spun off and sold for $65m to Tallwood, a Silicon Valley venture capital firm.ARM declined to comment.
techno foxx
26 Sep 2017
sky take on takeover [link]
techno foxx
25 Sep 2017
the same trick they used against PA Semi techno fox only this time it backfired and Apple shot themselves in the footApple attempted to pull off the same trick they used against PA Semi before taking them and their IP over for peanuts after a collapse in the share price, and if I am correct it is not Apple behind these dirty tricks but a very big US player, as for apple only having 8% what if they have proxies who already own a much higher percentage of IMG stock after all they would not have been wasting the share price collapse to add to their own stock pile, once again it comes down to why apple should have held on to 8% officially for so long, it also would not surprise me to find out latter that this same company is behind the campaign to add pressure on the UK government to block this Chinese takeover by paying individuals to right articles in the right place warning of the threats of a Chinese takeover?just one more point and a word of warning to those EX IMG workers who might have been using IMG patented IP in the so called Apple new GPU, tick tock tick tock your time is running out you might have felt safe in the knowledge that in a legal battle against IMG Apple would win, that is no longer the case and the Chinese have deep pockets and Apple might even worry about upsetting them as the Chinese market is so important tom Tim Cook and Apple and Apple would throw you lot under a bus in a second if it came down to the wire?their is also a possibility that Apple might not put a counter bid in against the Chinese backed company for fear of upsetting them, it might also explain why they have resorted to these dirty tricks to find another way to scupper this deal.
Tired and Confused
25 Sep 2017
Re: Discount - Apple dumping IMG shares That really doesn't make any sense from my perspective. Apple stand to gain 182p by just holding on and waiting. Even if they lose any litigation they would have to pay a small amount back to themselves as 8% shareholders and still get 182p per share. Either way it really isn't about money with Apple and never has been. I have made this point before, Apple could have and still can buy IMG for loose change and I guess the only conclusion you can come to is they just don't want them. Something stinks about the whole deterioration and break up of the Apple IMG relationship and we may never know why Apple are acting as they are when logic would suggest it would simple have been better to have bought IMG selling on the bits they didn't want.There is more to this than anyone knows but given the cosy relationship enjoyed at the highest levels between the senior management of both businesses for many years maybe what the Chinese think they are buying is conceptually already in Apples hands. Worse still IMG could turn out to be a Trojan horse. Think about it!!!AIMHO
Hub
25 Sep 2017
Re: Discount If Apple feel that they may as well sell IMG and do not plan a bid, then it would explain the drop today to some extent as a 8% holder dumping certainly helps the shorters out.Be interesting to see holdings RNS's over next couple of daysHUB
DespiteBrexit
25 Sep 2017
If IMG win their court case vs Apple, what kind of figure will Apple pay to IMG? Are we talking tens of millions? Hundreds of millions? Anyone want to hazard a guess?
Hub
25 Sep 2017
Guardian [link] second 'unnamed bidder'???Mmm... Google?HUB
II Editor
25 Sep 2017
NEW ARTICLE: Mixed feelings after Imagination Tech rally "It's taken a while, but a takeover of LSE:IMG:Imagination Technologies has moved a step closer following a bid from Californian private equity Canyon Bridge, backed by Chinese money.The chip company confirmed it had accepted an offer of 182p per ..."[link]
freedom-thirty5
25 Sep 2017
Re: IMG IS SUING APPLE 
Wow, Cable really is a tiresome pain in the bottom. I hoped/thought we'd seen the last of that doddering old skellington after 2015.He is either ignorant or deliberately ignoring the fact that thanks to Apple, IMG is going under unless it's bought, and I don't see any UK businesses coming forward to buy it. His words are political point scoring, mainly from a bitter brexit-denial angle.He (and the current government also) can bring nothing but irritation to this process, and with a bit of luck they will recognise that fact sooner rather than later.
freedom-thirty5
25 Sep 2017
Discount I am genuinely surprised as the amount of selling going on at such a discount to the offer price of 182p.Are people really that impatient for their cash?Are people really that dubious that the deal will go through?Plus, there are a number of things to consider, which offer further upside potential:* The Apple lawsuit, which we can assume the Chinese will bankroll, which could bring in more wonga for shareholders. It's hard to see how Apple convince a competent authority that they are not using IMG IP.* Apple may bid for IMG, given that they are v likely using IMG IP now, and will v likely continue to do so. Buying IMG would make the litigation go away.* Google are bringing their phone manufacturing in house from HTC, in order to offer a more Apple-like level of integration between hardware and Android, and thus creating a two-tier Android ecosystem, with non-google phones being the poor relation to Google ones. This is a bold strategy on Google's part and they would remove programme significant risk (as well as grab Apple firmly by the balls) by buying IMG's Graphics IP.* We still haven't heard from Samsung. The above point applies largely to them too.The coming advances (and consumer expectations) in VR, AR, so-called AI, and general graphics capability mean that this IP is a lot more valuable than many are acknowledging it to be.The offer looks well-advanced already. Counter-bidders will need to act fast.
Hub
25 Sep 2017
Re: IMG IS SUING APPLE The Apple case has a 60 day timeframe for settlement. Thereafter, it could years but 50% of the final deal figure would still go to shareholders on register at time of scheme approved.It's a bonus to the takeover price so a freebie for investors. Of course, conversely, any payout would need to be paid by the shorters too if done via divi. So shorters would have to cover the divi cost too.Hence, not a good idea to hold a short position. In terms of the market mechanics, once the quick money has departed and shorts have reduced weights, then longer term holders or larger II's like BG will add more stock. Depends on how certain they are of the deal going through but I can;t see Canyon backing out as they have a strategic and vital company in IMG. It's priceless to them.HUB
Caddie
25 Sep 2017
Apple So trying to get my head around this.....Are the shorters (say 20 million shares) slowly picking up shares being sold by Apple (8%). Once this has cleared then the price will move up to 182p?If I was ARM/Google (or anyone else interested) now would be a good time to start accumulating......probably rubbish but just thinking aloud.Caddie
cooperboy
25 Sep 2017
Re: IMG IS SUING APPLE this could all take months tho couldn't it - depends how comfortable you are holding for the medium term
