Mergers and Acquistions News
Categories: Media & Information Services
November 19th 2008, 16:06PM
British video search engine firm Blinkx has revived its attempted takeover of US firm Miva.
The American digital media firm rejected a $1.20 (£0.80) a share bid from its rival earlier this year, but now Blinx has returned with an offer of $0.55.
According to Suranga Chandratillake, founder and chief executive officer of the bidding firm, Blinkx is in a good position to capitalise on the emerging sectors of online advertising and media.
He said: "We believe there is significant value in the Miva business and real potential to increase that value for shareholders through the proposed transaction."
Miva's continued loss-making performance means that time is of the essence in negotiation the deal, Mr Chandratillake added.
The new bid represents a 108 per cent premium on the closing price of Mvia stock on November 18th when it stood at $0.2643 a share.
Blinx was founded in 2004 and was floated on the London Stock Exchange three years later.
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