Blinx Eyes MIVA Buy for $41M
ADOTAS – Let the games begin: video search engine Blinkx is hoping to acquire PPC ad company MIVA for $1.20 a share, or $41.13 million. (It’s closing price yesterday was 0.78 a share).
Blinkx sent MIVA a letter stating its intentions. It reads, in part:
“Our proposal represents a 54.0% premium above the closing price of MIVA common stock of $0.78 on August 7, 2008, and a 36% premium over the average closing price for the one month prior to August 7, 2008.
By whatever financial measure one might use, we believe this proposal represents a compelling value realization opportunity for your shareholders and the quickest and most secure way to see such value, particularly given the several challenges MIVA faces in the near term, including: risk and cost associated with the new technology platform, a deteriorating cash position, continued deterioration of the Media EU business and continued decline in revenue and profitability.”
A deal would certainly help Blinkx unveil the technologies — like video ad product AdHoc — that it’s been hammering out recently. (MIVA would give Blinkx a leg up distributing the product).
MIVA is set to report Q2 earnings on Monday. No word on MIVA’s response yet.
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