Just hours after a report surfaced, saying that Apple was in “advanced talks” to acquire Imagination Technologies, a company it partners with to design the graphical processors the company uses in its iPhones and iPads, Apple has turned around and said it doesn’t plan to make a move.

“From time to time, Apple talks with companies about potential acquisitions,” the company wrote in a statement. “We had some discussions with Imagination, but we do not plan to make an offer for the company at this time.”

Earlier on Tuesday, technology news site ArsTechnica reported that Apple (AAPL) was in “advanced talks” with Imagination Technologies, a company that it currently holds approximately 10% stake in. While Apple did not confirm the rumor at the time, some analysts speculated that Apple’s interest could have been based in its possible desire to take graphic processor design in-house, rather than rely on Imagination Technologies to work on its own and Apple to wait until its latest offerings are released.

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Imagination Technologies makes components designed for everything from communications to processing power. Apple has used Imagination Technologies’ PowerVR graphical processing unit for the last several years in iPhones and iPads.

Imagination has been in trouble for quite some time, due in large part to its expansion into other, highly competitive markets, including the Internet of things industry. The company in February announced that its then-CEO Hossein Yassaie would step down to be replaced by interim chief executive Andrew Heath. In addition, Imagination said it was open to selling some components of its operation and would ultimately like to cut its costs by $39 million in the next year.

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If Apple had planned to acquire Imagination, it would have cost the iPhone maker a substantial amount. As of market close on Monday, Imagination Technologies’ market cap stood at 508.7 million pounds (approximately $723.8 million). Soon after the ArsTechnica report surfaced, Imagination’s shares on the London Stock Exchange jumped by 18%, boosting its market cap by nearly $100 million. With Apple now out of the picture, however, its stock could get hit on Wednesday.

Still, Apple did not rule out the possibility of eventually acquiring Imagination. The company acknowledged that it did, in fact, hold conversations with Imagination, suggesting that it had some interest. While those talks have seemingly broken down, Apple left open the possibility of eventually making a deal for the company, saying that it doesn’t plan to place a bid “at this time.”

For now, though, the deal seems dead.

Apple did not comment beyond its earlier statement.