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Imagination Technologies goes up for sale following Apple snub

Apple's decision to start making its own graphics chips caused a 69 percent drop in Imagination Technology's share price.

Sarah Tew/CNET

The entirety of UK-based Imagination Technologies' business is up for sale. This follows a 69 percent drop in the company's share price when it announced that Apple won't be using its components in the next iPhone.

"Over the last few weeks [Imagination Technologies] has received interest from a number of parties for a potential acquisition of the whole Group," the company said in a press release. "The Board of Imagination has therefore decided to initiate a formal sale process for the Group and is engaged in preliminary discussions with potential bidders."

Imagination Technologies has previously worked with Apple to produce graphics chips in the iPhone, however the company announced in April that Apple is making its own components for future products, therefore severing the relationship between the two firms. The announcement caused a 69-percent drop in Imagination Tech's share price, given that Apple is the company's biggest customer.

Imagination Tech had previously put just two parts of its business up for sale, Engadget reports, but has today expanded the potential sale to the whole company.

Apple did immediately respond to a request for comment.