Digital media firm MIVA has rejected the $1.20 a share takeover offer from video search engine Blinkx.
MIVA said that it believed that Blinkx’s takeover offer undervalued the company.
Larry Weber, MIVA’s chairman, said: “After careful evaluation, the MIVA board believes that Blinkx’s proposal significantly undervalues MIVA’s assets, including our technology, brand recognition and network.
“We don’t believe that the proposal, as currently constituted, is in the best interests of our shareholders.
“The board of directors continues to evaluate all of MIVA’s strategic options in the context of our industry and the broader business environment and remains committed to evaluating and considering offers that maximize shareholder value.”
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