English
MIPS and Imagination Agree to Revised Merger Terms Providing for $100 Million Purchase Price
SUNNYVALE, Calif., December 16, 2012 - MIPS Technologies, Inc. (Nasdaq: MIPS), a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications, today announced that it entered into a new amendment to its merger agreement with Imagination Technologies Group plc (LSE: IMG) originally announced on November 5, 2012, and all amendments thereto (the "Merger Agreement"). The latest amendment provides for a purchase price of $100 million (U.S.).
As a result of the amendment, the net proceeds to each holder of MIPS common stock, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC and proposed recapitalization, has increased to approximately $7.94 (U.S.) per share in cash. The Merger Agreement is otherwise in full force and effect.
The amendment follows the submission of a definitive proposal from CEVA, Inc. (Nasdaq: CEVA) to acquire MIPS for $90 million (U.S.) (the "CEVA Proposal"), which was announced on December 12, 2012 to have been determined by the MIPS Board of Directors to be a "Superior Proposal" to the Merger Agreement with Imagination.
J.P. Morgan is acting as exclusive financial advisor to MIPS and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor.
About MIPS Technologies, Inc.
MIPS Technologies, Inc. (Nasdaq:MIPS) is a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications. The MIPS architecture powers some of the world's most popular products including over 700 million units in our most recent fiscal year. Our technology is broadly used in products such as digital televisions, set-top boxes, Blu-ray players, broadband customer premises equipment (CPE), WiFi access points and routers, networking infrastructure and portable/mobile communications and entertainment products. Founded in 1998, MIPS is headquartered in Sunnyvale, California, with offices worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.
|
||||||
Related News
- MIPS and Imagination Agree to Revised Merger Terms Providing for $80 Million Purchase Price
- Imagination signs revised agreement to acquire the operating business, certain patent properties and license rights to the rest of the patent properties of MIPS Technologies, Inc. for $100 million
- Imagination signs revised agreement to acquire the operating business, certain patent properties and license rights to the rest of the patent properties of MIPS Technologies, Inc. for $80 million
- Imagination acquires operating business, certain patent properties and license rights to other patent properties of MIPS Technologies Inc., a leading provider of CPU architectures and cores, for US$60 million
- Rambus Initiates $100 Million Accelerated Share Repurchase Program
Breaking News
- RISC-V International Promotes Andrea Gallo to CEO
- See the 2025 Best Edge AI Processor IP at the Embedded Vision Summit
- Andes Technology Showcases RISC-V AI Leadership at RISC-V Summit Europe 2025
- RISC-V Royalty-Driven Revenue to Exceed License Revenue by 2027
- Keysom Unveils Keysom Core Explorer V1.0
Most Popular
- RISC-V Royalty-Driven Revenue to Exceed License Revenue by 2027
- SiFive and Kinara Partner to Offer Bare Metal Access to RISC-V Vector Processors
- Imagination Announces E-Series: A New Era of On-Device AI and Graphics
- Siemens to accelerate customer time to market with advanced silicon IP through new Alphawave Semi partnership
- Cadence Unveils Millennium M2000 Supercomputer with NVIDIA Blackwell Systems to Transform AI-Driven Silicon, Systems and Drug Design
|
E-mail This Article | 
|
|
Printer-Friendly Page |