Imagination Technologies’ shares soared 35.6 per cent after the UK chipmaker late last week unveiled a deal to be sold to a China-backed private equity firm.

The shares traded at 174.72p shortly after the open in London. Still, the print is less than the 182p-per-share offer made by Canyon Bridge, suggesting investors are wary of whether the deal will go through.

The sale of Imagination Tech, which makes graphics processing chips, will present something of a test for Theresa May’s government and its openness to investment from Chinese business, particularly after Arm Holdings was sold to Japan’s SoftBank for £24bn.

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Imagination Technologies agrees £550m sale to Canyon Bridge

Imagination sale set to test UK government over China deals

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