±±¾©Èü³µpk10

After a board meeting on Friday, Miva said that it believed that Blinkx's takeover offer undervalued the company.

Larry Weber, Miva's chairman, said: "After careful evaluation, the Miva board believes that Blinkx's proposal significantly undervalues Miva's assets, including our technology, brand recognition and network.

"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."

Last week Suranga Chandratillake, Blinkx chief executive and founder, said that the deal represented the quickest way for shareholders to make good on their investment given the "challenges Miva faces in the near term, including: risk and cost associated with the new technology platform, a deteriorating cash position".

Miva is made up of a number of businesses brought together after FindWhat.com bought Espotting, Miva Corporation, B&B Advertising, MVCool and Comet Systems.