Xperi Receives $23.30/shr Proposal From Metis; But Still Supports Deal With TiVo

(RTTNews) - Xperi Corp. (XPER) said that it received an unsolicited, non-binding buyout proposal from Metis Ventures LLC for $23.30 per share in cash.

Xperi and TiVo said in December 2019 that they agreed to merge in an all-stock transaction, representing about $3 billion of combined enterprise value. The merger agreement provided for a 0.455 fixed exchange ratio. Xperi shareholders would own about 46.5% of the combined business, and TiVo shareholders would own about 53.5%.

Xperi said today that its board unanimously determined that it is unable to conclude at this time that Metis Ventures' non-binding proposal is reasonably likely to lead to a Superior Proposal under the terms of Xperi's merger agreement with TiVo.

So, Xperi said it will not be engaging in discussions with Metis Ventures and does not intend to make any further comment at this time.

Xperi's board continues to recommend the merger agreement with TiVo to its stockholders.