Thursday June 18, 03:41 PM
UPDATE 2-Intel buys additional stake in Imagination Tech
* Says no current intention to make an offer
* Imagination's shares up 12.7 pct
(Adds details)
June 18 (Reuters) - Intel Corp (NASDAQ: INTC
- news) said it bought an additional 25 million shares in Imagination Technologies Group Plc for strategic reasons, and now owns 13.99 percent of the British chip designer's total issued voting rights.
Intel holds about 32 million shares of Imagination Technologies (LSE: IMG.L - news) , valued at about 30 million pounds ($49.1 million) based on Imagination's Wednesday close of 94 pence.
However, the U.S. chipmaker said it has no current intention to make an offer for Imagination Technologies.
Intel licenses Imagination's graphics and video IP cores for deployment in its PC, mobile computing and consumer architectures.
Imagination's shares, which have gained 45 percent since the start of the year through Wednesday, jumped 12 pence to 106 pence by 1424 GMT on Thursday on the London Stock Exchange (LSE: LSE.L - news) .
In December last year, iPhone-maker Apple Inc (NASDAQ: AAPL - news) took a 3.6 percent stake in Imagination by subscribing to 8.2 million new shares at 39 pence each.
($1=.6108 Pound)
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Himani Sarkar) Keywords: IMAGINATION/
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