Imagination raises MIPS bid to $100million

In November this year, Imagination agreed to pay $60m for the operating business of MIPS. Ceva then topped that bid, forcing Imagination to raise its offer to $80m. Last week Ceva bid $90m and today Imagination has raised the stakes to $100m. Hossein Yassaie, pictured, chief executive of Imagination Technologies, said: "The MIPS architecture is widely respected and is complementary to Imagination's existing cpu capabilities. "I believe this proposed transaction will be welcomed by both companies' customers, including our mutual partners, and by the electronics industry at large. Post deal closure, Imagination will continue to support and expand the MIPS architecture and ecosystem, with the combined effort aiming to create a new industry leading force in cpu development and licensing." The deal is expected to close in the first quarter of 2013.