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MIPS Technologies Inc and Imagination Technologies Group plc Agree to Revised Merger Terms Providing for USD100 Million Purchase Price


Monday, 17 Dec 2012 02:00am EST 

MIPS Technologies Inc announced that it entered into a new amendment to its merger agreement with Imagination Technologies Group plc originally announced on November 5, 2012, and all amendments thereto (the Merger Agreement). The latest amendment provides for a purchase price of USD100 million. 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 USD7.94 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. to acquire MIPS for USD90 million (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.