Blinkx makes $39 million approach to Miva

http://www.reuters.com/article/marketsNews/idINL869961320080808?rpc=44

Blinkx Plc (BLNX.L: Quote, Profile, Research, Stock Buzz), an Internet video search company, has proposed buying U.S. search-based ad network Miva (MIVA.O: Quote, Profile, Research, Stock Buzz) for $39 million to accelerate its expansion in targeted Web advertising.

The approach, which has been made in a letter to Miva's board, proposes paying $1.20 a share -- a 54 percent premium on Miva's closing price on Thursday -- and would be funded entirely in cash, he said.