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
As the Black Friday din settles down, it is time to look back at how various players and products fared and Adobe has offered some insight into just that. Mobiles and smartphones sold like hot cakes, according to online shopping data released by Adobe. After nearly a 2-year hiatus following its announcement that it is testing unmanned drones, Amazon finally offered a glimpse into the prototype and its functioning. It remains to be see if the company can work around regulatory hurdles to make it a reality. Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant.
comments powered by Disqus
Follow RTT