Canyon Bridge to make £550m all-cash offer for Imagination, whose graphics chips have been used in Apple’s iPhone

A Chinese group that was stopped by Donald Trump from buying a US chip-maker last week has announced a £550m takeover of British chip designer Imagination Technologies.

Canyon Bridge Capital Partners’ all-cash offer for Imagination showed the buyout fund remained focused on investing in western chip-makers after its $1.3bn (£960m) deal to buy Lattice Semiconductor was blocked over US national security concerns.

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