Blinkx, the online video search engine, has made a $1.20 per share bid for digital media firm MIVA.
MIVA (formerly known as FindWhat), operates in North America and Europe and has two core divisions running consumer destination sites and interest-specific toolbars and a third-party contextual Pay-Per-Click ad network.
Blinkx has been working with MIVA as a customer and partner since 2005.
The company’s proposal is a 54% premium above the closing price of MIVA common stock of $0.78 on August 7, 2008, and a 36% premium over the average closing price for the one month prior to August 7, 2008.
Suranga Chandratillake, blinkx CEO and founder, said: “Our recent strong momentum in the business, and our positioning in the area of performance-based advertising which has shown itself to be robust in the current climate, has encouraged us to consider opportunities to accelerate our growth.
“We’re excited about the opportunities presented by a combination with MIVA. blinkx has been developing advanced monetisation technologies, which we are now ready to introduce aggressively into the market.
“This transaction would enable us to accelerate the penetration of these more advanced technologies into the marketplace over the current planned organic approach. We hope that the Board of MIVA will appreciate the uniqueness of this opportunity.”
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