Imagination Technologies Outbids CEVA for MIPS Technologies

On Monday, MIPS Technologies (UNKNOWN: MIPS.DL  ) announced it has agreed to be acquired by Imagination Technologies Group for $100 million.

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.


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