From X-bit Labs: Intel said that through its wholly owned subsidiary Intel Capital Corporation, has acquired a further 934,422 shares in Imagination Technologies Group through its adviser UBS resulting in an aggregate holding of 6,934,422 shares in Imagination Technologies Group (including its existing holding of 6 million shares held by its wholly owned subsidiary Intel Capital (Cayman) Corp.) representing 3.04% of Imagination Technologies Group total issued voting rights.
Even though at this very moment Intel claims it has no intention to acquire Imagination Technologies, it does reserve itself appropriate right.
“Intel Corp. reserves the right to announce an offer or a possible offer to acquire the shares in Imagination Technologies Group 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 [certain events],” a statement by Intel with London Stock Exchange reads.
Under “certain events” Intel considers Imagination Technologies’ board of directors’ recommendation to sell the company to Intel, intention of a third-party to take over ImgTec or similar situations.
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