Last week Blinkx (major online video search engine) made an unsolicited bid for MIVA (online advertising company). They offered $1.20 a share for MIVA which was trading at below $ .80 at the time.
Blinkx stated that the offer was more than generous, that MIVA stockholders would be best served by a quick acceptance of the bid and subsequent merger with Blinkx, and urged a hasty decision. (Hostile takeover attempt.)
MIVA responded with a statement that Blinkx offer seriously undervalued the company and its assets, and stated they were committed to making their company work and maximizing benefits for their shareholders. (Outraged rebuff.)
Then they posted a $6.5 million loss for the second quarter of 2008. (And there go the stock prices…)
Wow, déjà vu…