U.K. Microprocessor Firm, Imagination Technologies, Buys Chip Designer MIPS’ Operating Business, “Certain” Patents For Higher $80M Cash Offer

U.K. microprocessor firm, Imagination Technologies, has upped its previous offer to acquire chip designer MIPS Technologies‘ operating business and a swathe of patents relating to the MIPS architecture, along with royalty-free licensing rights for other patents — from the $60 million offered last month to $80 million now. Its earlier bid hit a snag when rival semiconductor group CEVA tabled an “unsolicited” $75 million cash offer for the same MIPS’ assets, outbidding Imagination’s offer.

In a release put out today, Imagination Technologies Group plc said it has signed a “revised agreement to acquire the operating business and certain patent properties, as well as license rights to all of the remaining patent properties” of MIPS Technologies. Imagination is making a cash offer of $80 million — “to be financed from existing cash resources”.

Imagination Technologies noted that its revised offer for MIPS was made in response to CEVA’s offer, and added that all other material T&Cs of the acquisition remain the same as its earlier, November 6 offer.

The company, which counts Apple among its shareholders, said it still expects the transaction to be competed during the first quarter of 2013.