logo
Share SHARE
FONT-SIZE Plus   Neg

MIPS Technologies Receives Hostile Bid From CEVA

MIPS Technologies, Inc. (MIPS) said Tuesday that it has received an unsolicited proposal from CEVA, Inc. (CEVA) to acquire all of the outstanding MIPS shares, following the consummation of the proposed patent sale transaction with Bridge Crossing, LLC and the proposed recapitalization, for US$75 million in cash.

MIPS had previously announced on November 5 that Imagination Technologies Group plc (IMG.L) would acquire the outstanding MIPS shares following the consummation of the proposed patent sale transaction with Bridge Crossing and the proposed recapitalization, for US$60 million in cash.

MIPS Technologies said its Board of Directors is evaluating the CEVA proposal and that it has not made a determination as to whether the proposal is superior to MIPS Technologies' pending transaction with Imagination Technologies.

However, the MIPS Technologies board believes the CEVA proposal could reasonably be expected to lead to a superior transaction, so it has determined to engage in talks with CEVA.

The MIPS board continues to recommend the merger agreement with Imagination Technologies to its shareholders. MIPS said its board is not withdrawing its recommendation with respect to the merger agreement and the merger, or proposing to do so, and is not making any recommendation with respect to the CEVA proposal.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Germany, a clean-power trendsetter country, is planning to introduce hydrogen powered trains. The environment friendly "Coradia iLint" long distance passenger hydrails are expected to be operational by the end of 2017. Rogers Communications Inc. and Shaw Communications Inc. are shutting down Shomi, the subscription video-on-demand service run by the two Canadian companies. Shomi said it will shut down operations on November 30, 2016, just two years since its launch. Shomi was viewed as a Canadian competitor to Netflix. Canadian women's fashion retailer Aritzia LP has raised C$400 million in its initial public offering on the Toronto Stock Exchange. Aritzia, Boston-based private equity firm Berkshire Partners LLC, and founder as well as CEO Brian Hill sold 25 million subordinate voting shares for C$16 per share, at the high end of its marketed range of C$14 to C$16 per share.
comments powered by Disqus
Follow RTT