Blinkx Offers to Buy Out Miva
Video search engine Blinkx has put its plans to acquire online advertiser Miva out onto the table. The company sent a letter to Miva’s execs offering $1.20 per share, or about $39 million total — a 54 percent premium on Thursday’s closing value.
Blinkx and Miva are no strangers to each other; the two have worked together in an ad sharing partnership for several years. Blinkx’ CEO stated that the “combination of the two companies would be mutually beneficial to both companies’ shareholders, employees, and customers” and that the two “complementary businesses… could benefit greatly from Blinkx’s technology and Miva’s distribution network.” (The letter is available to read in its entirety over at CenterNetworks.)
Miva’s president and chief marketing officer resigned from the company just a few days ago, saying he was leaving to “pursue other opportunities.”
Blinkx, incidentally, was the rumored to be on the buying block itself a few months. Reuters reported that Google, NewsCorp, and Yahoo were all looking at acquiring the company back in May.