Intel has bought a further 25 million shares in UK based chip company Imagination Technologies Group, sending the latter's share prices soaring.
Shares in the group leapt by 16 per cent, according to a report from Reuters.
Intel claims to have bought the shares for "strategic reasons."
Intel now holds a total of 31,970,422 shares, or 13.99 per cent of voting rights, of Imagination but claims not to have interest in acquiring the company as a whole.
A statement from Intel said: "Whilst Intel Corporation will continue to consider its options in relation to its holding in Imagination Technologies Group plc, for the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), it confirms that it has no current intention to make an offer for Imagination Technologies Group plc."
Imagination Technologies has its headquarters in Kings Langley
Hertfordshire, with research and development centres in Chepstow, Leeds and India.
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