Caddie
23 Sep 2017
£1.82 per share? 550,000,000 / 286,143,781 = 1.92286143781 per Friday RNS
GC Trader
23 Sep 2017
and talking of... egotistical @rses... [link] the post frequency trend be your friend...singing...I will if you will so will I...its a...do as I say in public (buy) not as I do in private (sell)oh and don't forget...follow me...
Hub
23 Sep 2017
JP Morgan 95p Target What a bunch of complete @rses these boys are. Any clients following JP Morgan's advice will be spitting bullets on Monday.05 Sep 17 (IMG price was 140p)JP Morgan Cazenove reiterates 95p targetAdd to the above Numeric (shorters) have added around 0.5% shorts during last few weeks. They look like losing around $4m.There's another 5%+ shorts out there who will also be nursing some losses.HUB
Hub
23 Sep 2017
Re: what possible bidding outcomes remain? Schwager,If you look back at Cove Energy as an example, the first bid came in from Shell at circa 195p.They then upped it to 220p. And then at the final stages PTT came in and offered 240p I believe.ft article below[link] I said in earlier posts, the first bid is often not the last.You have a short squeeze going to happen on Monday coupled with some possibe buying in ahead of higher offers from speculators. It would not surprise me if the share price offered a premium to the 182p.After a few weeks, if no further offers come in, then the share price normally drops back slightly below offer price to reflect premium in getting your 'cash' early rather than waiting 4months+ for deal to complete etc.So mix of varying positions, some speculators, some happy wth 182p and shorts closing out = interesting week ahead!My view has always been that APPLE cannot afford IMG to go to anyone else. It just opens a can of worms. Whereas, if they take IMG out, then all their worries go away. And now that Canyon have set a price and IMG have accepted, APPLE can pitch a bid near 220p and no one is going to say they paid under the odds due to their under hand tactics... which of course is exactly what they will have done. But it will save some face I suppose?HUB
Tired and Confused
23 Sep 2017
Re: Well it's 182p Well at least we know whatever happens IMG will be assimilated. Lets not forget the conditional sale of MIPS in the mean time. MIPS was one of several self indulgent purchases made during the HY years. Bought in 2003 for $100 million it is being sold for just $65 million a truly dreadful loss considering the time and investment spent on it since. This, in a nut shell is why IMG is where it is today. Technologically brilliant but a business run with weak corporate governance and little regard for shareholders.Looks like those with a holding, including me albeit for just the last 2 weeks this time, have to decide whether to take the market price on Monday or hold and hope there will be a bidding war..The price offered looks like a knockout blow to all potentially interested parties other than Apple and it remains to be seen if they want to add 10% premium +? to buys IMG which will remove any chance of legal action against potential license infringements from a fortified and well funded white knight who could stand up to any legal onslaught thrown at them.As I've said many times before IMG has always been and will continue to be (for however long that is) a share to trade and short and it seems to me that opportunities to do this still exists in the near future. Will the shares open around 182p on Monday or will we see a premium to this? Time will tell.It's a bit of a sad day for me and I suppose many other watchers who will no doubt feel ambivalent as this excellent IT business which has been so poorly run for years losses its independence but it is far better to retain them under a well funded wing of a parent company operation in the UK that to loss them altogether to another country. AIMHOGood Luck all where you are folding or waiting to see the last card turned!
Schwager
23 Sep 2017
what possible bidding outcomes remain? Regarding the sale/offer of IMG, are offers only allowed from companies are who previously already expressed bid interest but have not yet declared yet if they want to bid, or at this stage are bids still open to being received from anyone?
EyesonHawk2
23 Sep 2017
Re: Well it's 182p "Ahead of the announcement of the deal on Friday, British microchip designer ARM had reportedly been circling Imagination in the hope of snatching a bargain, although sources familiar with ARM’s thinking said it was unwilling to enter a bidding war."The above in the Telegraph does suggest possible further interest. The coming weeks should be interesting!!
EyesonHawk2
23 Sep 2017
Re: Sold to Canyon!! From today's Telegraph:Beijing-backed fund to buy Imagination Technologies in £550m dealChinese-backed fund Canyon Bridge has swooped on Imagination Technologies in £550m deal which looks set to test Theresa May's pledge to intervene in foreign takeovers.Late on Friday, Imagination said it had agreed to a takeover by Canyon Bridge, which, although based in Silicon Valley, is funded by authorities in Beijing. Canyon's interest in Imagination, which is based in Hertfordshire, was first reported by The Daily Telegraph in July. Its offer price, of 182p per share, is 42pc higher than Imagination's closing price on Friday. However, shares in the group are almost 50pc below the level they were trading at prior to news earlier this year that Apple would stop using its graphics technologies in the iPhone. The deal is likely to reignite the debate over the vulnerability of British companies to asset strippers, when compared to peers in the US and Europe, where there is more protection for so-called 'national treasures'. Earlier this month, the Government voiced its concern over the potential takeover of Imagination by Canyon, with officials thought to have approached bankers working on the auction regarding the Chinese interest.Ahead of the announcement of the deal on Friday, British microchip designer ARM had reportedly been circling Imagination in the hope of snatching a bargain, although sources familiar with ARM’s thinking said it was unwilling to enter a bidding war.On agreeing the deal, Canyon said it has "no plans to make any changes to the continuing employment of employees and management, nor does intend to change the principal locations of Imagination’s places of business, or redeploy any fixed assets of Imagination".Canyon's commitments follow a UK decision this week to tighten the Takeover Code to increase the level of disclosure required from foreign bidders and require them to publish a report into whether they have stuck to promises over intentions on the location of headquarters and the changes to staff.
Hub
23 Sep 2017
Re: Well it's 182p It's a start. The shorts are fried although I have a sneaky feeling that they might have been working on behalf of a certain bidder to suppress price.Doesn't matter now. Their job has been done. The next few days and weeks should see counter bid rumours.I thought I had a sniff of the starter gun on Monday (post below) but they dragged it out a few more days probably to help some short positions close.I'm still hopeful of this going above 200p as believe their has to be at least one other interested party out there that wants to disrupt Apple.HUB
EyesonHawk2
23 Sep 2017
Sold to Canyon!! Full Financial Times article:Imagination Technologies agrees £550m sale to Canyon BridgeImagination Technologies has agreed a sale to China-backed private equity firm Canyon Bridge in a deal valuing the British chipmaker at about £550m. The Hertfordshire-based maker of mobile graphics processors put itself up for sale in June, soon after Apple, its largest customer and one of its biggest shareholders, said it would phase out use of its technology in products including the iPhone. Friday’s 182p-per-share offer is little more than a quarter of Imagination’s 2012 stock price peak of 712.5p, which valued it at close to £2bn. Just a week and a half ago, Canyon Bridge, which is headquartered in Palo Alto, California and is backed by state-owned Chinese fund Yitai Capital, saw its $1.3bn attempt to acquire American chipmaker Lattice Semiconductor blocked by President Donald Trump over national security concerns. Canyon Bridge’s acquisition of Imagination excludes its US unit, MIPS, which is being bought by Tallwood Venture Capital, a Silicon Valley investment group, for $65m. Canyon Bridge’s deal is conditional on the completion of the MIPS sale. A foreign takeover of Imagination would mark the latest acquisition of a British high-tech company at a time when Theresa May's government is trying to portray itself as both open to global markets but eager to scrutinise transactions in sensitive sectors of the economy. Last year, Arm Holdings, the Cambridge-based chip designer at the heart of most smartphones, was sold to SoftBank of Japan for £24bn.In an attempt to head off potential scrutiny from the UK government, Canyon Bridge pledged to continue to invest in Imagination’s UK research and development capabilities and said it had “no plans” to cut staff or move the business to another country. Representatives from Canyon Bridge met British government officials in the run-up to the deal, a spokesperson said. “Canyon Bridge’s investment strategy is not to take businesses to China but to make them more competitive in China — offering access to the largest market in the world,” the investment group said in a press release announcing the deal late on Friday night in the UK. Imagination saw its share price plunge by 60 per cent in a single day in April when it revealed Apple would sever its ties.Apple’s latest iPhone, unveiled last week, included a new graphics processing unit that it said it designed in-house. GPUs are a key enabler of videogames, artificial intelligence and virtual reality features in smartphones.Ray Bingham, partner at Canyon Bridge, said that with its backing, Imagination would “continue to invest in developing its technology, attract and hire the best engineers, and acquire and service customers globally”.“This transaction is in line with Canyon Bridge’s strategy of providing equity and strategic capital to enable technology companies to reach their full growth potential by opening new markets through our collaborative investment approach.“We are investing in UK talent and expertise in order to accelerate the expansion of Imagination, particularly into Asia, where its technology platform will lead the continued globalisation of British-developed innovation.”Canyon Bridge’s 182p per share offer is a 42 per cent premium to Friday’s closing share price of 128½p but below the level at which the stock was trading immediately before the company’s break with Apple was revealed in April. The deal is structured as a scheme of arrangement. Andrew Heath, Imagination’s chief executive, called the proposed deal a “very good outcome” for shareholders. “Imagination has made excellent progress both operationally and financially over the last 18 months until Apple’s unsubstantiated assertions and the subsequent dispute forced us to change course,” Mr Heath said in a statement. “The acquisition will ensure that Imagination — with its strong growth prospects — remains an i
Dave Sweeney
23 Sep 2017
Well it's 182p [link] I only recently returned for a 'punt' I am well pleasedWill finally form 'closure' on my relationship with IMG , in my mind I thought it would be a bid of 180-199, anyone expecting more was rather optimistic Will Apple counterbid -I very much doubt it , but it will be no concern of mine as I am running with the profit asap and putting the lot of IQE 
DespiteBrexit
23 Sep 2017
1. Why was this announced soon after markets closed for the weekend? 2. How long will it take for the share price to go to 182p/the takeover to be completed? 3. Could the deal still fall through?
DespiteBrexit
23 Sep 2017
Questions:
Crystal_Balls
22 Sep 2017
Nice [link]
Regency Green
22 Sep 2017
Canyon Bridge to buy IMG Reuters reported about 30 mins ago that Canyon Bridge is to buy IMG for 182p per share. [link]
