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
Even after two years of thoroughly searching across the Indian Ocean, using modern technologies and devices, there is no clue about the Malaysian airline that vanished on March 8, 2014. Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform.
comments powered by Disqus
Follow RTT