The Week: City News - Miva turns down Blinkx bid

Miva, the digital media company, has rejected a $40 million takeover bid from the video search engine Blinkx.

The Miva board turned down the offer, which worked out at $1.20 a share, believing it "significantly undervalued" the company's assets. The Blinkx chief executive and founder, Suranga Chandratillake, had recently urged shareholders to sell, stating that the deal represented the quickest way for them to make good on their investment, given "the challenges Miva faces in the near term".