British chip designer Imagination Technologies on Monday beat Ceva Inc in the race to purchase processing technology firm MIPS with a knockout offer of $100 million.Imagination and its U.S. rival have been battling to buy the operating business of MIPS, a pioneer of 32-bit and 64-bit processing, since last month when a $60 million agreed deal from the British company triggered a bidding war.Mobile chip designer Ceva, which had twice outbid Imagination, said while there was merit in buying MIPS, raising its offer again would not meet its financial objectives.MIPS' technology is in blu-ray players, digital televisions and video games consoles such as the Sony PlayStation 2.
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