UK-based chip designer Imagination Technologies has put itself up for sale following Apple's decision to produce its own graphics chips.

The firm had been told by Apple that its chips would no longer be used back in April 2017. As a result, Imagination's share prices dropped by 70%.

As reported by Reuters, 50% of Imagination's revenues came from producing chips for Apple products. It has been manufacturing graphics chips for the company since the first iPod was released.

Selling up

"Imagination Technologies announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole group," said a representative for Imagination.

"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."

Imagination may not walk away empty-handed, though. The company believes that Apple would be hard-pressed to design new chips without infringing on its patents, so the iPhone manufacturer may soon have a legal battle on its hands.