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MIPS Technologies Inc's Board of Directors Determines CEVA Inc 's Acquisition Proposal is Superior to Acquisition Agreement with Imagination Technologies Group plc

Wednesday, 12 Dec 2012 08:25pm EST 

MIPS Technologies, Inc. announced that the MIPS Board of Directors has unanimously determined that a new proposal from CEVA, Inc. to acquire MIPS Technologies (the CEVA Proposal), constitutes a 'Superior Proposal' to the merger agreement with Imagination Technologies Group plc., originally announced on November 5, 2012, including all amendments thereto (the Merger Agreement). CEVA proposes to acquire for $90 million (U.S.) in cash all of the outstanding MIPS shares, plus the breakup fee for the Imagination Merger Agreement, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC and proposed recapitalization. The CEVA Proposal has been unanimously approved by CEVA's Board of Directors. MIPS has notified Imagination Technologies Group plc that the MIPS Board of Directors intends to effect an adverse recommendation change or terminate the Merger Agreement, but is prepared to continue negotiations if Imagination chooses to adjust the terms of the Merger Agreement. MIPS is obliged to negotiate with Imagination in good faith until the end of the business day on December 14, 2012 to make adjustments to the terms and conditions of the Merger Agreement, such that the CEVA Proposal no longer constitutes a 'Superior Proposal'. There is no assurance that the transactions proposed with either CEVA or Imagination Technologies will be completed. 

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17 Apr 2014