Xperi Gets $1.2B Takeover Proposal

Xperi announced it has received an unsolicited takeover proposal from a consortium led by its former chief executive officer, posing a potential challenge to its merger with TiVo, reported Yahoo. 

Metis Ventures, where former Xperi CEO Tom Lacey is a managing member, proposed an all-cash bid of US$23.30 a share for all outstanding Xperi shares, according to a statement on Sunday. The offer represents a 20% premium over Xperi’s closing price on Friday, February 21, and values the company at almost US$1.2 billion.

Xperi had previously announced (on December 19, 2019) that it had entered into a definitive agreement with TiVo to combine in an all-stock transaction. Xperi reiterated its continued support and enthusiasm for its pending transaction with TiVo and its view that the definitive agreement with TiVo remains in the best interests of Xperi and its stockholders

Full Content: Yahoo

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