In this case I don't think they are out of control.
Imagination has a multi-year plan of which buying MIPS was a part. It will be interesting to find out who is the entrpreneurial visionary who is going to be doing the driving there.
One problem that both ARM and Imagination now have is that they are loaded with legacy responsibilities.
There may yet be an opportunity for a new kid on the block (or an old one like AMD) to come up with a novel processor architecture that is better suited for the heterogeneous multicore era.