Imagination Technologies Share Discussion Threads

[twatcher] 02/10/2017 11:44

Interview with Canyon Bridge partner Ray Bingham re IMG takeover.

A couple of takeaways
1) CB would have preferred to buy the complete company i.e. with MIPS

2) There were apparently "multiple" bidders for both MIPS and IMG.

3) Tallwood was in discussions to buy MIPS prior to IMG deciding to sell the whole company.

4) Canyon bridge will have to license MIPS as its integral to PowerVr & Ensigma.

[life of crime] 02/10/2017 11:03

You are probably right hammered, except the "kidnappers" did me a lot of good financially!

[hammerd2] 02/10/2017 08:20

I think it's categorised as Stockholm Syndrome.

[life of crime] 29/9/2017 20:04

It is like an old itch that's hard to not to scratch sweenoid, as you know yourself. FST is the real interest for me and that is definitely looking up.

Believe it or not, I post to be helpful to holders as I was one for nearly 20 years, even if I get no personal gain from it, but there you go. No pleasing some people.

[twatcher] 29/9/2017 15:03

I'm wondering is the citigroup RNSes just a case of their clients buying and selling, and that regulations state that citigroup have to mention that they have a connection with canyon bridge.

In other words, the deals are not for or on behalf off CB, or associated with the deal as such.

[sweenoid] 29/9/2017 12:35

LOC - no idea why you still post here as a non-holder of shares , but that link is old news.
of course, CB has a free run, unless HMGovt sees otherwise, a possibility I regard as remote.
The key date now is the actual sale of MIPS - that HAS to go for CB to acquire IMG, it will occur in October.
I cannot see Apple acquiescing out of court, so just want my multiple of 182p banked, but would love to be wrong.
S

[life of crime] 29/9/2017 09:45

It looks as if CB has a clear run (courtesy of Eyesonhawk2 on the iii BB):

[borromini1] 29/9/2017 08:10

If our Chinese state friends want to keep IMG UK based and support the expansion of the use of British innovation in Asia they can achieve that by partnering with IMG and buying a minority shareholding along with all the other enthusiastic investors. Labour's investment bank could join in later on if the Tories don't care to engage. Our Chinese state friends can access all the IP they want to use without needing to own the entire company. In that scenario MIPS can be retained to keep the vision of a more comprehensive integrated IP portfolio offering. The current IMG management have done their best to salvage a quick partial compensation package for shareholders who want out, they have no answer for investors who still believe this company has a future that exceeds the current offer.

[roninja] 28/9/2017 20:25

Ironic that a low end PowerVR Mediatek SoC solution surfaces now.

[orkney] 28/9/2017 19:43

I believe this will go right to the wire. Apple will hold out for as long as possible to pay a 'low' final settlement $. However, Apple will be aware that CB with their chinese govt backers would seek to ban iphone sales in China, and would almost certainly succeed, in the event of a non settlement; that would obviously hurt Apple costing them potentially hundred's of $ millions, probably a whole lot more than settling out of court before the 2 month deadline.

[jacko07] 28/9/2017 19:12

There must some real doubt over the sale, it is rare in the circumstances that anyone can buy these at 10% under the offer price.

It shows just how much faith there is in these weird times.

[life of crime] 28/9/2017 16:47

Exlogicalad, it is probably the only way IMG investors are going to see that dividend before they're finally snapped up by CB.

If it runs to a court case and CB wins, shareholders will get nothing from it.

[exlogicalad] 28/9/2017 14:54

life of crime..post 28865..Within a couple of years the IMG IP that Apple have will be last generation anyway. Probably best to take a lower settlement from Apple and concentrate on the future, if they play ball.

Be serious!!!

[life of crime] 28/9/2017 12:23

I agree another bidder coming forward (though not Apple) is more likely than the govt blocking the takeover.

It will be interesting to see if Apple bite the bullet and make a settlement offer, if only to avoid antagonising Canyon's backers in China if it ended up in a lengthy court case.

I think they could, just to make IMG go away, but they are so stingy I doubt they would offer much more than $200M. If I were IMG and CB, I would take it and move on. CB have made it clear they see opportunities for the IP in the East so may be prepared to accept a less than full value deal from Apple to avoid the distraction and cost of litigation. Within a couple of years the IMG IP that Apple have will be last generation anyway. Probably best to take a lower settlement from Apple and concentrate on the future, if they play ball.

[stunger] 28/9/2017 11:55

hopefully not that long

[stunger] 28/9/2017 11:10

I dont think HMGovt is going to step in and stop the sale, yes the company sold is a loss to UK in that IMG/Videologic broke new ground and developed some cutting edge technology but companies change hands, investors buy and sell. I think there is far more chance of another bidder appearing than the sale not going through. IMG's share price over the years could never be called dull so it would not surprise if another bid came in. I guess the most likely outcome is that it will go for 182p in the end.

So yes perhaps the share price will hang around these levels until we are paid out 182p in a month or 3 (?), but you just don't know, IMG's IP seems to be pretty useful for a number of potential companies going forward. So even if nothing seems to be happening there is still excitement until it is sold and I for one like reading the views of the board, and you never know another bidder could come forth!

[borromini1] 28/9/2017 07:45

MIPS 2017 revenue £35.4 million, sale price £48.5 million ($65m).
MIPS 2017 adjusted loss £1.2 million.
MIPS 2017 royalties £28.1 million.
If you stopped the business the tail of royalties would exceed £48.5m.

[rbalakrishnan] 27/9/2017 23:49

EETimes blog on MIPS.

MIPS: Underdog or Dead Horse?

[bukko] 27/9/2017 23:36

cs
The short answer is to simply stick to the facts in each case. The Bombardier govertments' "subsidy" is development launch capital It is repayable out of future sales and in accordance with WTO rules. The main review takes place next February and there is further provision for appeal after that.

Hopefully the CB deal will be done by then. The "problem" was precipitated by the behavior of an American Co.and our PM is putting Britain first in its solution. There are no national security issues.End of story.

[borromini1] 27/9/2017 20:10

The IMG board surely need to get regulatory approval for the Chinese state including its military wing to acquire IMG before the cheap sell off of MIPS is carried out. If our Chinese friends are going to be blocked then the IMG board need to go back to the drawing board or resign. If this is the case IMG has more time to resolve it's future including finding a more suitable purchaser of MIPS at a less discounted price, if necessary.

[cotswoldsparky] 27/9/2017 19:56

A political question. Do you think a minority government, only governing with the help of the DUP will spend more time and effort protecting Bombardier jobs in Belfast or will it care about a what happens to a 2-bit technology company with its head office in a safe seat?

No need to answer

CynicalSparky

[life of crime] 27/9/2017 17:50

I agree Cable is nothing to worry about per se, but if he and some Tory backbenchers start making a fuss about this it could be an opportunity for the opposition to make hay with it and embarrass the govt. Then it would be less funny for Canyon's bid, IMO.