Imagination Technologies (IMG) share price rockets puts itself up for sale after Apple says it will no longer need to use the British firm’s tech

Imagination Technologies announced today that it has entered a formal sale process for the group, and is already in talks with potential buyers.

The British tech firm said it has “received interest from a number of parties for a potential acquisition” over the last few weeks, and has invited interested parties to contact Rothschild, which is advising on the sale.

“There can be no certainty that any offer will be made for Imagination, nor that any transaction will be executed, nor as to terms of any such offer or transaction,” the firm said.

Shares in the group jumped 20 per cent at the open.

Imagination is still in a dispute with Apple, after the Silicon Valley giant revealed earlier this year that it would not need to use the group’s intellectual property in its products from 2019 onwards.

The London-listed firm’s share price dropped by as much as 70 per cent after Apple made its announcement.

Last month, Imagination said it had begun a dispute resolution process with the Californian tech behemoth.