LONDON (Reuters) - British microprocessing firm Imagination Technologies' $60 million pursuit of the operating business of MIPS Technologies faces competition after the U.S. company received a higher bid from a rival firm.
Imagination, which is looking to buy the MIPS business to gain patents and step up its challenge to an increasingly dominant ARM Holdings, said on Wednesday that the MIPS board continues to recommend its offer.
That could change, however, after MIPS said on Tuesday that it will start talks with mobile chip designer CEVA, which has made a $75 million bid, as MIPS believes that proposal could lead to a superior deal.
"Imagination is monitoring the situation and will provide a further update in due course," the British company said in its statement.
Imagination announced its intention to buy MIPS earlier in November.
MIPS technology is in blu-ray players, digital televisions and video games consoles such as the Sony PlayStation 2.
Imagination shares fell 3 percent to 426 pence at the market open on Wednesday.
(Reporting by Sarah Young, Editing by Rosalba O'Brien)
S. E. Cupp - Blame Liberals for the Rise of Trump
Man Dies Attempting Appendix Carry Reholster In Milkwaukee - Bearing Arms - appendix carry, Milwaukee, Negligent Discharge, Timothy Phonisay, Wisconsin
Kanye West announces he is running for president in 2020 #VMAs [vine]
Chris Versace - The Negative Effects of Low Oil Prices
Small But Honest Columnist Again Forced to Correct Highest-Rated Show on Cable TV | Human Events
WaPo editorial writer about to become very unpopular with #BlackLivesMatter - Hot Air
Mt. McKinley Is Still There | RedState