Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade CEVA now with 

CEVA, Inc. (CEVA: Quote,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.

Register
To receive FREE breaking news email alerts for Ceva Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.