MIVA Rejects blinkx Acquisition Offer

Last week, online video search engine blinkx, apparently feeling inspired by Microsoft, made an unsolicited bid to acquire online advertising company, MIVA.

MIVA has responded by saying Thanks but No Thanks. Here's the official word:

"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."