(Reuters) – Technology licensing firm Xperi Corp (XPER.O) said on Sunday it received an unsolicited, non-binding buyout proposal from Metis Ventures LLC for $1.16 billion in cash, months after announcing that it would merge with set-top box maker TiVo Corp (TIVO.O).
The Delaware-based company has offered $23.30 per share, which represents a premium of about 20% to Xperi’s last close on Friday.
The board is unable to conclude that Metis’ proposal is likely to lead to a superior proposal based on the current terms and conditions, Xperi said, reiterating its support for the pending all-stock deal with TiVo.
The company will not be engaging in further discussions with Metis at the time, Xperi added.
The deal between Xperi and TiVo was announced in December, giving the combined entity an enterprise value of about $3 billion.
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