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Imagination inks USD100m revised deal for MIPS Technologies.

MANews-(C)2009-2012

17 December 2012 - UK multimedia technologies group Imagination Technologies Group plc (LON:IMG) said today that it had sealed a revised agreement to buy US processor architectures provider MIPS Technologies Inc (NASDAQ:MIPS) for USD100m (EUR76m), up from a previous sweetened deal of USD80m.

The move is in response to a rival offer of USD90m made last week by US licensor of silicon intellectual property (SIP) platform solutions Ceva Inc (NASDAQ:CEVA) to MIPS. The US suitor also proposed to pay the termination fee on behalf of MIPS, under the targeta[euro](tm)s existing merger agreement with Imagination.

The UK firm said it would fund the new deal with available cash as well as with a new acquisition facility that had already been set up. All the other terms of the transaction remain the same as those of the original agreement signed on 5 November.

The deal, which includes the target's operating business and 82 of its patent properties, as well as licence rights to the remaining patent properties, is still expected to be completed in the first quarter of 2013.Country: USASector: ElectronicsTarget: MIPS Technologies IncBuyer: Imagination Technologies Group plcDeal size in USD: 100mType: Corporate acquisitionFinancing: Cash & Debt, Existing resourcesStatus: Agreed

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Publication:M & A Navigator
Date:Dec 17, 2012
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