18th Jun 2009 13:55
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Intel Corporation - No intention to make an offer for Imagination Technologies Group plc
Intel Corporation, through its wholly owned subsidiary Intel Capital Corporation, has acquired a further 25,000,000 shares in Imagination Technologies Group plc resulting in an aggregate holding of 31,970,422 shares in Imagination Technologies Group plc (including its existing holdings of 6,970,422 shares held by its wholly owned subsidiaries Intel Capital (Cayman) Corporation and Intel Capital Corporation) representing 13.99% of Imagination Technologies Group plc's total issued voting rights.
Intel Corporation has already licensed several generations of Imagination Technologies Group plc's graphics and video IP cores for deployment in Intel's PC, mobile computing and consumer architectures. Intel Corporation values its continued relationship with Imagination Technologies Group plc and the use of Imagination's technologies by an industry-wide customer base.
Intel Corporation has acquired these additional shares for strategic reasons. Whilst Intel Corporation will continue to consider its options in relation to its holding in Imagination Technologies Group plc, for the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), it confirms that it has no current intention to make an offer for Imagination Technologies Group plc.
Pursuant to Rule 2.8 of the City Code, Intel Corporation reserves the right to announce an offer or a possible offer to acquire the shares in Imagination Technologies Group plc which it does not already own and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within six months from the date of this announcement if there is a material change in circumstances or in the event that:
(i) the agreement or recommendation of the board of Imagination Technologies Group plc is given to the making of such an announcement or the taking of any such other action; or
(ii) there is an announcement of an offer or possible offer for Imagination Technologies Group plc by a third party; or
(iii) Imagination Technologies Group plc announces a "whitewash" proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the City Code) or a reverse takeover (as described in Note 2 on Rule 3.2 of the City Code).
For further enquires contact:
Ashish Patel, Managing Director, Intel Capital EMEA
Tel: 0207 292 8782
Related Shares:
Imagination Technologies Group