logo
Share SHARE
FONT-SIZE Plus   Neg

MIPS Technologies Receives Hostile Bid From CEVA

MIPS Technologies, Inc. (MIPS: Quote) 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
Gas explosion in Fresno in California injured 11 people on Friday afternoon. Pacific Gas and Electric Co. (PG&E) said workers who are not affiliated with the company have struck a 12-inch natural gas transmission pipeline and the gas leaked was ignited due to the dig-in. Verizon Communications' FiOS TV service has modified its programming bundles and will now offer new packages so that users can subscribe only for channels they prefer to watch. Instagram, the photo sharing app owned by Facebook, has updated its community guidelines to disallow nudity and harassment in uploaded photos and pictures, as well as cyber bullying.
comments powered by Disqus
Follow RTT