Apple Supplier's Shares Soar as the Company Goes on Sale

Imagination Technologies plc (IMGTY)  shares surged in Thursday trading on news that Apple Inc. (AAPL) - Get Report  supplier put itself up for sale months after the tech giant said it would stop using the chip designer's technology.

Imagination has received interest from a number of parties for a potential acquisition of the whole group, it said in a Thursday regulatory filing, and "the board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders."

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This article was written by a staff member of TheStreet.