Benchmark lowered its rating on MIPS Technologies MIPS from Buy to Hold.
Benchmark noted, "Early this morning, it was announced that: 1) MIPS will sell 498 patents to AST (a.k.a. Bridge Crossing) for $350 million, 2) Imagination Tech will buy the remaining 82 MIPS patents and MIPS operating business (licensable design IP) for $60 million and 3) MIPS shareholder will be paid $7.31/share in net proceeds in 1Q13 through a recapitalization of MIPS common stock. Because this transaction has been in the works for 18 months, we doubt a higher bid will come along, and accordingly, we are downgrading our rating from Buy to Hold.
MIPS Technologies closed at $7.02 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in