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MIPS Stockholders to Receive $8.01 in Aggregate Net Proceeds from Recapitalization and Merger
SUNNYVALE, Calif., February 5, 2013 - 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 each holder of MIPS common stock will receive $6.21 in cash and 0.226276 shares of MIPS' common stock in the previously announced proposed recapitalization.
As a result, the aggregate net proceeds to each holder of MIPS common stock, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC, the proposed recapitalization and the proposed acquisition by Imagination Technologies Group plc (LSE: IMG) (in which each share of MIPS' common stock, after giving effect to the patent sale and recapitalization, will receive merger consideration equal to $1.80 per share) has increased to $8.01 (U.S.) per share in cash.
The transactions remain subject to MIPS stockholder approval and other customary closing conditions. The MIPS annual meeting of stockholders to approve the transactions has been scheduled for February 6, 2013.
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.
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