Imagination Technologies bid from China attracts UK government involvement
18 SEP 2017
Bankers involved in the auction process of Imagination Technologies' [LON:IMG] have been informally contacted by UK government officials concerned about the prospect of a takeover backed by China, The Sunday Telegraph reported.
As previously reported, Canyon Bridge Capital Partners, a California-based private equity house with backing from the Chinese government, is working on a prospective bid for the UK-based microchip designer with an advisory team from Citigroup.
According to a source the UK government’s involvement in the situation to date was not very helpful and was mainly “bluster”, the item reported. It is not known if British officials would seek to prevent the deal on the basis of security concerns, the report said.
Canyon Bridge’s bid is believed not to include Imagination’s North American operations, in the hope of avoiding scrutiny from US authorities, the report said.
The original article appeared in The Sunday Telegraph, Business & Money section, page 3.