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Blinkx (AIM: BLNX) Gets Rejected by MIVA (NASDAQ: MIVA)

Contributed by: Martinas B.
Date: Aug 15, 2008

A video search guru, Blinkx (AIM: BLNX) got a slap in the face after it's $41 million offer for MIVA (Nasdaq: MIVA, MIVA message board), the American search-based advertising network, was turned down by the Miva's board saying the proposal significantly undervalues MIVA.

Suranga Chandratillake CEO and Founder of blinkx wrote to the MIVA board: "We believe that MIVA's shareholders would not be well-served by any delay in negotiating or completing the merger process, and that time and/or another round of restructuring plans will not significantly increase MIVA's valuation."

But Miva's boss, Larry Weber had a different opinion. He said that this offer "significantly undervalues MIVA’s assets, including our technology, brand recognition and network."

"We don't believe 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 maximise shareholder value," he said.

Meanwhile, yesterday Miva announced its Q2 results. It reported a revenue of $30.2 million in Q2 2008, compared to revenue of $32.7 million in Q1 2008.

At 1:32PM ET Miva's shares were trading at a price of $1.04 or $0.03 down since previous closing, while Blinkx shares closed at a price of 30.25 pence.

Reference

http://www.miva.com/us/
www.blinkx.com

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User comments

steve [2008-08-16]

blinkx did not get a 'slap in the face'. it was an informal offer. they shoud return with a better offer. however miva is not doing well and if it wasnt the offer from blinkx the share price will be trading at the 50c mark now!

However, an offer at around 1.80-2$ would have been more appropriate.

if blinkx such a young company bids for miva you can imagine how bad miva is doing! they do not worth more than 2$ at best!

keep the good work and looking forward for your next aricle when blinkx comes back with their revised offer.

Search observer [2008-08-16]

blinkx offer was a joke, and they most certainly did get slapped in the face! Who makes an offer to a LARGER company and asks to use $20M of that company's cash to help with the acquisition!??!
This is playbook Suranga doing anything he can to get a bump in his stock price- he didn't really care if the proposal was accepted by Miva or not, the 'news' bumped his stock up which is all he cares about as everything else he does is PR smoke and mirrors! Someone please take a close, hard look at blinkx's business and tell me how they are really making any money.

UKhENRY [2008-08-16]

oh, and did you hear there was another resignation by a blinkx Business Development person this week? Job #1 for a start up CEO is to recruit and retain great talent, if you look at the track record Suranga is failing miserably at this.
BLNX = SELL

Miva means biznaz [2008-08-21]

I cant believe Miva is still around after they clearly just hire women who are not trained and cant get things done, so they only have to pay them nothing for the work.

Miva is in Florida, have not done a thing since screen savers.com, and have been known as scum for years. Sell miva or investigate the co as well as audit them.

More info at www.weeklywishingwell.org