Imagination Tech raises MIPS offer to $100 million
US-IMAGINATION-MIPS:Imagination Tech raises MIPS offer to $100 million
LONDON (Reuters) - British chip designer Imagination Technologies on Monday agreed to buy MIPS for $100 million after it outbid Ceva Inc for a second time.
Imagination and Ceva have been battling to buy the operating business of MIPS since last month when a $60 million agreed offer from the British company triggered a bidding war.
Imagination's $100 million offer trumps a $90 million bid from Ceva last week.
MIPS was a pioneer of 32-bit and 64-bit processing, and its technology is in blu-ray players, digital televisions and video games consoles such as the Sony PlayStation 2.
The California-based company agreed to sell 498 patents for $350 million to a consortium of technology companies organized by patent holding company Allied Security Trust and led by ARM when it agreed the initial Imagination deal.
(Reporting by Paul Sandle; editing by James Davey)