Imagination Technologies Outbids CEVA for MIPS Technologies

On Monday, MIPS Technologies 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 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.

The article Imagination Technologies Outbids CEVA for MIPS Technologies originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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