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December 17, 2012
06:20 EDTMIPS, CEVAMIPS and Imagination revise merger terms providing for $100M purchase price
MIPS Technologies (MIPS) announced that it entered into a new amendment to its merger agreement with Imagination Technologies Group originally announced on November 5 and all amendments thereto. The latest amendment provides for a purchase price of $100M. 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 and proposed recapitalization, has increased to approximately $7.94 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 (CEVA) to acquire MIPS for $90M, which was announced on December 12 to have been determined by the MIPS board to be a "Superior Proposal" to the merger agreement with Imagination.
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