Apple Computer Inc has raised over $39m cash by selling 2.9 million of the 12.2 million shares it owns in Arm Holdings Plc, the UK-based RISC chip designer. The Apple sale was part of a 52m pound placing of 6.5 million shares at 8 pounds each with what are described as first tier institutions. Acorn Group Plc also chose the opportunity to dispose of 600,000 shares raising 4.8m pounds. Other sellers include partnerships managed by Nippon Investment & Finance Co Ltd and Arm employees cashing in on stock options. Apple still retains 9.3 million shares while Acorn is still grappling with the problem of how to avoid the massive capital gains tax bill when it sells its remaining 125m pounds worth of shares in Arm.
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