Xperi said it has received an unsolicited bid from Metis Ventures, worth USD 23.30 per share in cash. The company earlier signed an all-stock merger deal with TiVo, giving TiVo a majority (53.5%) of the newly-created company, which would have just over USD 1 billion in revenue. Xperi said it talked internally about the Metis proposal and concluded that, due to the lack of information and current non-binding terms and conditions, it will probably not pursue the deal.
Reuters said the Metis bid represents a total of USD 1.16 billion in cash.
Xperi reiterated its “continued support and enthusiasm” for its pending transaction with TiVo, and its view that that deal remains in the best interests of Xperi and its stockholders. With that in mind, Xperi’s board of directors continues to recommend the merger agreement with TiVo to its stockholders.
