Imagination Technologies Group plc (LSE: IMG, “Imagination”), has become aware that MIPS Technologies Inc., has received an unsolicited proposal from CEVA, Inc. to acquire all of the outstanding MIPS shares, following the consummation of the proposed patent sale transaction with Bridge Crossing, LLC and the proposed recapitalization. MIPS has made a formal announcement on this subject.
Imagination understands that the MIPS Board of Directors continues to recommend the merger agreement with Imagination to its shareholders.
Imagination is monitoring the situation and will provide a further update in due course.
Hossein Yassaie, CEO
Richard Smith, CFO
Tel: +44 (0)1923 260 511
Adrian Duffield/Kay Larsen
Tel: +44 (0)20 7457 2020