blinkx Withdraws Proposal to Acquire MIVA
06 Octubre 2008 - 1:00AM
PR Newswire (US)
SAN FRANCISCO, Oct. 6 /PRNewswire/ -- blinkx plc ("blinkx") (LSE
AIM: BLNX) today announced that it has withdrawn its proposal to
acquire MIVA, Inc. ("MIVA") (NASDAQ:MIVA). "Our goal in pursuing a
combination of blinkx and MIVA would have been mutually beneficial
to both companies' shareholders, employees, and customers. Our
all-cash premium proposal was an attractive option for MIVA
shareholders. It is unfortunate for MIVA shareholders, however,
that despite our best efforts, MIVA's Board and management have not
embraced our proposal to combine our companies," said Suranga
Chandratillake, CEO and Founder of blinkx. "The large premium
blinkx offered in our initial proposal is even more significant
today in light of MIVA's second quarter earnings miss, subsequent
downward revision of annual guidance, and public disclosure related
to restructuring of the Media EU business. By choosing not to
engage in substantive discussions in any material respect and an
agreement with blinkx, MIVA Board and management in our view have
failed to give due consideration to a transaction that had a
uniquely attractive opportunity for MIVA shareholders, particularly
in light of several challenges MIVA faces in the near term." blinkx
is a disciplined buyer and will only pursue transactions that make
sound financial sense for our shareholders. While the internet
advertising industry remains an attractive, high-growth
opportunity, there are considerable challenges and risks in the
business for MIVA, including: risk and cost associated with the new
technology platform, continuously deteriorating cash position, and
continued deterioration in their Media business. We were committed
to having a constructive dialogue and negotiation to conclude an
agreement, but we did not find MIVA Board and management willing to
cooperate. We have a talented team in place and a compelling plan
to grow our business through continued innovation and monetization
of the blinkx technology. While MIVA would have accelerated our
strategy, we have an exciting future ahead of us and will continue
to focus on and progress toward our goals," said Chandratillake.
About blinkx blinkx plc (LSE AIM: BLNX) is the world's largest and
most advanced video search engine. Today, blinkx has indexed more
than 26 million hours of audio, video, viral and TV content, and
made it fully searchable and available on demand. blinkx's founders
set out to solve a significant challenge - as TV and user-generated
content on the Web explode, keyword-based search technologies only
scratch the surface. blinkx's patented search technologies listen
to - and even see - the Web, helping users enjoy a breadth and
accuracy of search results not available elsewhere. In addition,
blinkx powers the video search for many of the world's most
frequented sites. blinkx is based in San Francisco and London. More
information is available at http://www.blinkx.com/. DATASOURCE:
blinkx plc CONTACT: Edward Bridges, or Haya Chelhot, both of
Financial Dynamics, +020-7831-3113, or NOMAD for blinkx, Charles
Lytle, Citi Web site: http://www.blinkx.com/
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