Not really.That's another plausible alternative. Get the IPC rights for a more "reasonable" price because ImgTech is struggling and needs the money. Dirty move in any case.
Remember, Apple owns a sizeable chunk of ImgTec, and were in talks about buying them outright. My guess would be that their counterpart just got too greedy, whereas Apple were well aware that the stock price of ImgTec hinged completely on their business, and thus that any valuation based on that was grossly exaggerated.
Apple tried to cut a deal, the conditions were unacceptable, and now they are moving on.
They have been completely open about recruiting graphics expertise with the purpose of developing new "world class" gfx solutions, so there is no surprise for anyone there, least of all ImgTec since some of their own people were recruited to Apple!