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Ceva drops out of bidding war
CEVA, Inc. will not submit any further proposal to acquire the operating business of MIPS Technologies, Inc.
Gideon Wertheizer, CEO of CEVA, commented: "While CEVA's Board of Directors and management believed there was strategic merit in the combination of CEVA with MIPS, further increasing the purchase price would not meet our financial objectives. We believe it is in the best interests of our shareholders that our available cash be reserved for other potential opportunities in the future. As part of our corporate business strategy, we will continue to seek and evaluate complementary technologies and businesses that will meet our strategic and financial objectives."
