UPDATE: Apple "Do Not Plan" On Making Offer For Imagination Tech

LONDON (Alliance News) - Apple Inc Tuesday confirmed it had "some discussions" with Imagination Technologies Group PLC, but said it does "not plan to make an offer for the company at this time".

Imagination Technologies saw its shares soar on Tuesday morning after a report by technology news website Ars Technica suggested Apple was in advanced talks to buy the UK-listed company.

Later Tuesday, Imagination Technologies said it values Apple "very highly as an important ongoing partner of the company," and said it is confident with its strategy moving forward.

"The board reiterates its confidence in Imagination's strategy of reinforcing and building on the current strengths of its three core businesses and in further progress with its restructuring programme," said Imagination Technologies.

"The board remains focussed on delivering the best value possible to its shareholders," the company added.

Imagination Technologies shares closed up 4.4% to 193.08 pence per share on Tuesday, having risen as high as 225.15p earlier in the day.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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