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MIPS had previously agreed to a merger with Imagination for a lower price in a deal announced Nov. 5, but CEVA (NASDAQ: CEVA ) subsequently trumped Imagination's offer with a Dec. 12 offer of $90 million. Imagination's response -- now accepted by MIPS in an amended merger agreement -- was to offer $7.94 per share, raising its bid to an even $100 million, and appears to have knocked CEVA out of the bidding.
MIPS shares closed at $7.81 per share Monday, up 0.5% on the news.