MIPS and Imagination Agree to Revised Merger Terms Providing for $80 Million Purchase Price
SUNNYVALE, Calif., December 9, 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 an amendment to the agreement with Imagination Technologies Group plc (LSE: IMG) previously announced on November 5, 2012 (the "Merger Agreement"). The amendment provides for an increased purchase price of $80 million and the removal of the conditions to closing requiring the approval of the Committee on Foreign Investment in the United States and that MIPS is not a real property holding corporation. As a result of the amendment, the net proceeds to each holder of MIPS common stock following the consummation of the patent sale and recapitalization as previously announced, has increased to approximately $7.64 per share in cash. The Merger Agreement is otherwise in full force and effect.
The amendment followed the submission of a definitive proposal from CEVA, Inc. (Nasdaq: CEVA) to acquire MIPS for $75 million, as previously announced, stating that it had completed its confirmatory due diligence and had received unanimous board approval, and the delivery of a notice by MIPS to Imagination Technologies that the MIPS board of directors had determined the proposal from CEVA to be a "Superior Proposal."
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 $100 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 $80 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 $100 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
- EZchip Technologies, a fabless semiconductor company providing high-speed network processors, Announces Series C Option Exercise for Additional $8.0 Million Funding
Breaking News
- IAR Systems enable Visual Studio Code extensions to meet developer demands
- TSMC Japan 3DIC R&D Center Completes Clean Room Construction in AIST Tsukuba Center
- GbE (10/100/1000 Base-T) PHY IP licensed by 3 different customers in Q2 alone for Worldwide Use
- IPrium releases 4-channel ATSC 8VSB Modulator
- Pulsic Enhances Unity Chip Planning Technology with Incremental Floor-planning Capability to Speed IP block Placement, Planning
Most Popular
- MosChip Technologies Appoints Semiconductor Industry Veteran, DVR Murthy As "Vice President of Strategic Initiatives" to Implement and Execute Expanded Solution Offerings
- Imagination launches IMG RTXM-2200 - its first real-time embedded RISC-V CPU
- TSMC Creates Design Options for New 3nm Node
- Intento Design Secures Third Round of Investment to Accelerate Its Commercial Deployment
- GlobalFoundries Celebrates New Singapore Fab with Arrival of First Tool
![]() |
E-mail This Article | ![]() |
![]() |
Printer-Friendly Page |