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EDA/IP  

After Imagination, now Ceva bids for MIPS

Posted: 23 Nov 2012     Print Version  Bookmark and Share

Keywords:acquisition  IP licensor  bid  patent portfolio 

IP licensor MIPS Technologies announced that it has received an unsolicited proposal from Ceva Inc.

Ceva, a DSP IP licensor, has offered Rs.396.83 crore ($75 million) in cash for MIPS in an attempt to outbid GPU licensing company Imagination Technologies.

MIPS had previously announced (on Nov. 5) that Imagination Technologies would acquire the outstanding MIPS shares for Rs.317.46 crore ($60 million) in cash following the completion of the proposed patent sale transaction with Bridge Crossing.

The competing bid by US-based Ceva is reportedly structured along the same lines as UK's Imagination's. That bid calls for a large proportion of the MIPS patent portfolio to be sold to Bridge Crossing for about Rs.1,851.85 crore ($350 million). Ceva has valued the remainder of MIPS at a 25 per cent higher value than Imagination did in its bid.

MIPS acquisition comes with new twist
In April this year, MIPS was looking for a buyer; on Nov.5, MIPS signed an agreement to sell its operating business to Imagination for Rs.317.46 crore ($60 million). Now, MIPS says its board is evaluating Ceva's proposal before deciding which offer to accept. Read recent news.
 •  MIPS acquired by Imagination Tech.

The Ceva proposal is still subject to the approval of its board of directors and due diligence, MIPS said.

Ceva has emerged as one of the beneficiaries of the changing mobile handset IC market. With more than Rs.793.65 crore ($150 million) cash on hand earlier this year, the company was talking about expanding its customer base and diversifying its revenue sources.

MIPS said its board is evaluating Ceva's proposal before deciding which offer to accept. It said it is now in discussions with Ceva.

Ceva's DSP cores complement MIPS' architecture processors, but in ways that differ from Imagination's graphics cores that are used alongside MIPS processors. For example, Ceva and MIPS cores are often used together in home entertainment systems, although Ceva has also been successful in mobile communications applications where MIPS cores are rarely found.





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