logo
Share SHARE
FONT-SIZE Plus   Neg

CEVA Now Offers $90 Mln For MIPS Operating Business - Update

CEVA, Inc. (CEVA,CVA.L) Tuesday said it has submitted a further proposal to the board of directors of Sunnyvale, California-based chipmaker MIPS Technologies, Inc. (MIPS) to acquire its operating business for $90 million. MIPS will also receive payments on behalf of termination fee on its amended merger agreement with Imagination Technologies Group Plc (IMG.L).

Mountain View, California-based CEVA is an Israeli company, which provides DSP processor technology for the semiconductor industry.

On Monday, Imagination Technologies, 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 for $80 million in cash, including license rights to all of the remaining patent properties. Imagination had revised its offer in response to the offer by CEVA.

Last month end, MIPS had received an unsolicited proposal from 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 $75 million in cash.

In early November, MIPS announced that Imagination will acquire the outstanding MIPS shares following the consummation of the proposed patent sale transaction with Bridge Crossing and the proposed recapitalization for $60 million in cash.

CEVA shares closed Monday's regular trading at $15.06 on the Nasdaq. MIPS ended on Monday at $7.61.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Amazon.com may be talking with some middle-market pharmacy benefit managers or PBMs looking for various contractual arrangements, Axios reported, citing analysts at investment bank Leerink Partners. As per the report, the e-commerce giant, which recently entered the grocery industry with the purchase of Whole Foods for $13.4 billion, is eying to enter the pharmaceutical delivery business. Amazon.com Inc. is working on developing a pair of smart glasses that would allow to summon and interact with virtual assistant Alexa while wearing the device, the Financial Times reported, citing people familiar with the plans. The glasses, which would be required to be connected wirelessly to a smartphone to work, is reportedly designed to look like a regular pair of spectacles. Employees at Bombardier Inc.'s aerospace plant in Toronto plan to walk out of the facility on Wednesday morning. The move is an attempt to put pressure on Boeing Co. to drop a trade complaint against the Canadian plane and train maker.
comments powered by Disqus
Follow RTT