Losing Apple as a customer can be a nightmare, especially when it accounts for about half of your company's revenue. The question now is whether Imagination will actually sell, and if so, who is buying? Since it believes that Apple's attempts to move forward alone on graphics hardware are likely to infringe upon its patented technology, the New York Times reports that analysts believe lawsuits are likely.

Meanwhile, the Financial Times notes that Apple already owns an 8.1 percent stake in the company. Now, another competitor or supplier could buy Imagination and put itself in an interesting licensing position -- especially since Apple's move to its own tech is still a year or two away.