Imagination which is a chip designer for Apple and Samsung is holding an emergency board meeting after it surfaced that a Chinese regime-controlled investor is trying to buy the company.
Sky News reports that the British based company concerned that “its prized intellectual property assets could disappear from the UK” and go into Chinese hands. The meeting which the reports state is next planned for next week is to talk about the appointment of 4 China Reform Holdings representatives on to the company as Directors.
The company is so concerned that Sky News also notes that Senior UK MPs are lobbying British Prime Minister Borris Johnson to get involved on “the grounds of potential risks to national security.” Furthermore, British intelligence agencies have also been briefed on the going developments.
The company works with both Samsung and Apple creating GPUs and is “one of the UK’s most important technology companies.” Earlier this year the company and apple signed a multi-year deal, in which it states:
Imagination Technologies (“Imagination”) announces that it has replaced the multi-year, multi-use license agreement with Apple, first announced on February 6, 2014, with a new multi-year license agreement under which Apple has access to a wider range of Imagination’s intellectual property in exchange for license fees.
The whole dispute with China is based on the appointment of 4 Chinese national representatives onto the board, sources note that they are concerned about an impending board takeover and what that means for the company.
Sources also note that the Chinese based investment company wanted to capitalize on the COVID-19 pandemic as it was described to be a “point of maximum distractions” for the Uk government.