Blinkx makes revised offer for MIVA
Wednesday, November 19, 2008
Online video search engine blinkx has launched another attempt to buy US listed media company MIVA with a $0.55 per share offer for the company, which it said reflected MIVA’s dwindling cash position and a string of disappointing results.
The move comes just over a month after blinkx pulled out of efforts to agree a $1.20 per share offer for MIVA, which was ultimately rejected by the MIVA board.
Today’s move comes a week after an upbeat set of results from blinkx, with an offer price that represents a 108% premium above the closing price of MIVA common stock of $0.2643 on November 18, 2008, and a 39% premium over the average closing price for the thirty days prior to November 18, 2008.
Blinkx chief executive Suranga Chandratillake said: “Given the strength of our financial results last week, it's clear that certain emerging sectors of online advertising, specifically video, continue to thrive. blinkx is uniquely positioned to capitalize on that opportunity.
“We believe there is significant value in the MIVA business and real potential to increase that value for shareholders through the proposed transaction. However, because of MIVA's continued loss-making performance and rapidly declining cash position, time is of the essence.”
Chandratillake said blinkx would fund any deal through existing cash resources.
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