MIVA, Inc., (NASDAQ: MIVA), a digital media company, today said that
following careful review and consideration, its Board of Directors has
rejected the unsolicited proposal publicly released by blinkx PLC (LSE
AIM: BLNX) to acquire the company for $1.20 per share.
"After careful evaluation, the MIVA Board believes that blinkx's
proposal significantly undervalues MIVA's assets, including our
technology, brand recognition and network," said Larry Weber, MIVA's
Chairman of the Board. "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."
The investment bank Petsky Prunier is acting as financial advisors and
Baker & McKenzie LLP is acting as legal advisors to MIVA in this process.
About MIVA®, Inc.
MIVA, Inc. (NASDAQ: MIVA) is a global digital media company with a
mission to deliver valuable digital audiences to advertisers. MIVA has
two focuses to its business: owning and operating a growing portfolio of
consumer destination sites and interest-specific toolbars, through its
MIVA Direct division; and running a third-party contextual Pay-Per-Click
ad network focused on key vertical sectors, through its MIVA Media
division. MIVA, Inc. operates across North America and Europe.
Forward-looking Statements
This press release contains certain forward-looking statements that are
based upon current expectations and involve certain risks and
uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words or expressions such as "anticipate"
, "plan," "will," "intend," "believe" or "expect'" or variations of such
words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond our control
and difficult to predict and could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
statements, including (1) our ability to successfully execute upon our
corporate strategies, (2) our ability to develop and successfully market
new products and services, and (3) the potential acceptance of new
products in the market. Additional key risks are described in MIVA's
reports filed with the U.S. Securities and Exchange Commission,
including the Form 10-K for fiscal 2007 and our most recently filed Form
10-Q. ®Registered trademark