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MIPS Technologies Receives Hostile Bid From CEVA

11/20/2012 4:56 PM ET

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.

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by RTT Staff Writer

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