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MIPS and Imagination Agree to Revised Merger Terms Providing for $100 Million Purchase Price
SUNNYVALE, Calif., December 16, 2012 - MIPS Technologies, Inc. (Nasdaq: MIPS), a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications, today announced that it entered into a new amendment to its merger agreement with Imagination Technologies Group plc (LSE: IMG) originally announced on November 5, 2012, and all amendments thereto (the "Merger Agreement"). The latest amendment provides for a purchase price of $100 million (U.S.).
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 $7.94 (U.S.) 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. (Nasdaq: CEVA) to acquire MIPS for $90 million (U.S.) (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.
About MIPS Technologies, Inc.
MIPS Technologies, Inc. (Nasdaq:MIPS) is a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications. The MIPS architecture powers some of the world's most popular products including over 700 million units in our most recent fiscal year. Our technology is broadly used in products such as digital televisions, set-top boxes, Blu-ray players, broadband customer premises equipment (CPE), WiFi access points and routers, networking infrastructure and portable/mobile communications and entertainment products. Founded in 1998, MIPS is headquartered in Sunnyvale, California, with offices worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.
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