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
The U.S. Food and Drug Administration has alerted health care professionals and patients of a voluntary recall of compounded multivitamin capsules containing high amounts of Vitamin D3 (Cholecalciferol), distributed nationwide by Glades Drugs in Pahokee, Florida. FDA has received reports of several... Flying is the passion for British aviatrix Tracey Curtis Taylor, and she is now on a solo flight to cross three continents and 23 countries in her own vintage open cockpit biplane. She has already crossed half of her journey from U.K. to Australia with a target to cover 13 thousand miles. Sony Computer Entertainment Inc. Wednesday revealed that its popular PlayStation4 computer entertainment system has achieved total sales of more than 30.2 million units worldwide in a period of two years. The PS4 system is currently available in 124 countries.
comments powered by Disqus
Follow RTT