Xperi Gets $1.2 Billion Takeover Proposal From Former CEO (1)

Xperi Corp. said it has received an unsolicited takeover proposal from a consortium led by its former chief executive officer, posing a potential challenge to its merger with TiVo Corp.

Metis Ventures LLC, where former Xperi CEO Tom Lacey is a managing member, proposed an all-cash bid of $23.30 a share for all outstanding Xperi shares, according to a statement on Sunday, which confirms an earlier Bloomberg News report. The offer represents a 20% premium over Xperi’s closing price on Friday and values the company at almost $1.2 billion.

Xperi said it will not be engaging in discussions with ...