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CEVA disturbs Imagination Technologies' MIPS bid

Imagination Technologies' impending purchase of MIPS Technologies has been thrown into uncertainty.

It has been announced that Sunnyvale-based MIPS, the semiconductor company, has received an unexpected bid of $75 million (£47 million) for all of its outstanding shares, from CEVA.

At the beginning of November, British firm Imagination Technologies revealed that it would acquire the MIPS shares in a deal worth $60 million (£38 million) in cash.

It is understood that while CEVA's bid is significantly larger than that of Imagination Technologies, the MIPS board of directors is still recommending the Imagination Technologies merger agreement to its stockholders.

However, the MIPS board is still determined to persist in its discussions with CEVA.

In reference to the change in events, Imagination Technologies said, "Imagination is monitoring the situation and will provide a further update in due course."

CEVA specialises in DSP processor technology for the mobile, digital home and networking markets.