A little over a year ago, TiVo, one of the bigger technology brands in the video business, announced plans to separate its products business from its more litigious intellectual property operation. But very suddenly, former CEO Dan Shull pivoted, leading the company into a $3 billion merger with Xperi, a technology better known for things like car audio. Jon Kirchner, the executive leading the combined company talks about the synergies and the plan behind the corporate marriage.
Tossing a possible monkey wrench into its proposed merger with TiVo, Xperi Corp. says it has received an unsolicited, non-binding proposal from Metis Ventures to acquire the outstanding equity of Xperi for $23.30 per share in cash, or about $1.16 billion. Metis Ventures said the offer represents a 33% premium to the 30-day trading average of Xperi shares prior to its proposed offer, and an 11% premium to Xperi shares as of Dec. 18, 2019, the last trading day prior to the announcement of the Xperi-TiVo merger.
TiVo has scrapped plans to split itself into two separate companies, and instead announced a $3 billion merger with Xperi, a company that sells audio, imaging and computing technology products.