MIVA Board of Directors Rejects blinkx Offer
Friday August 8, 5:24 pm ET
NEW YORK--(BUSINESS WIRE)--MIVA, Inc., (NASDAQ:MIVA - News), a digital media company, today said that following careful review and consideration, its Board of Directors has rejected the unsolicited proposal publicly released by blinkx PLC (LSE AIM: BLNX) to acquire the company for $1.20 per share.
"After careful evaluation, the MIVA Board believes that blinkx's proposal significantly undervalues MIVA's assets, including our technology, brand recognition and network," said Larry Weber, MIVA's Chairman of the Board. "We don't believe that the proposal, as currently constituted, is in the best interests of our shareholders. The Board of Directors continues to evaluate all of MIVA's strategic options in the context of our industry and the broader business environment and remains committed to evaluating and considering offers that maximize shareholder value."
The investment bank Petsky Prunier is acting as financial advisors and Baker & McKenzie LLP is acting as legal advisors to MIVA in this process
