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
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT