MIP Tech to Get $8.01/Share in Net Proceeds from Recapitilzation
MIPS Technologies, Inc. (Nasdaq: MIPS), a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications, today announced that each holder of MIPS common stock will receive $6.21 in cash and 0.226276 shares of MIPS' common stock in the previously announced proposed recapitalization.
As a result, the aggregate net proceeds to each holder of MIPS common stock, following the consummation of the previously announced proposed patent sale transaction with Bridge Crossing, LLC, the proposed recapitalization and the proposed acquisition by Imagination Technologies Group plc (LSE:IMG) (in which each share of MIPS' common stock, after giving effect to the patent sale and recapitalization, will receive merger consideration equal to $1.80 per share) has increased to $8.01 (U.S.) per share in cash.
The transactions remain subject to MIPS stockholder approval and other customary closing conditions. The MIPS annual meeting of stockholders to approve the transactions has been scheduled for February 6, 2013.
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