blinkx Offers to Acquire Miva Again; This Time for Less Than Half Original Offer

Video search provider blinkx has publicly announced its proposal to (once again) acquire online advertising company Miva today. Back in August, blinkx offered $1.20 for each Miva share for the company but the deal never went through. Today’s proposed acquisition comes in at $0.55 per share, less than half of the August offer.

blinkx noted this morning, "blinkx believes the proposal is highly attractive for MIVA shareholders, particularly in light of issues in the MIVA business and current market conditions. blinkx’s proposal represents a 108% premium above the closing price of MIVA common stock of $0.2643 on November 18, 2008, and a 39% premium over the average closing price for the thirty days prior to November 18, 2008."

blinkx hits Miva hard with statements like, "MIVA has reported reduced revenues for the last eight consecutive quarters" but they believe that, "blinkx continues to believe that a combination of the two companies – fusing blinkx’s technology with MIVA’s distribution network – presents an exciting and compelling opportunity, and one that would prove mutually beneficial to both companies’ shareholders, employees, and customers."

Miva is located in Florida while blinkx has offices in London and in San Francisco.