Imagination Technologies Group Plc (IMG.L), which designs chips that power Apple Inc.'s (AAPL) iPhone and iPad, said it signed a revised deal to acquire the operating business and certain patent properties of MIPS Technologies, Inc. (MIPS) for $80 million in cash. The deal also includes license rights to all of the remaining patent properties.
Imagination said the revised offer, made in response to an offer by CEVA, Inc., to acquire the same assets, will be financed from existing cash resources. All other material terms and conditions of the acquisition remains the same as announced earlier, noted Imagination.
The deal is expected to close during Q1 CY2013, subject to closing conditions, including the approval of MIPS' shareholders.
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