Xperi, a semiconductor devices manufacturer, completed the merger with set-top box maker TiVo, forming a leader in consumer and entertainment technology and IP licensing, representing the combined enterprise value of c. $3bn. The merger agreement provides for a 0.455 fixed exchange ratio, which implies a 15% premium to TiVo’s shareholders based on each of Xperi’s and TiVo’s 90-day volume-weighted average share prices. At close, Xperi shareholders will own approximately 46.5% of the combined business, and TiVo shareholders will own approximately 53.5%. “Together, we will be able to integrate TiVo’s leading content aggregation, metadata, discovery, and recommendation capabilities with our home, automotive, and mobile technology solutions to help our customers create experiences that excite and delight consumers. Additionally, the combined company will continue to unlock the value of our strategic and sizable patent portfolios by bringing together our deep industry expertise and powerful innovation engines. Through greater scale and diversity, we will deliver attractive and sustainable long-term cash flow and shareholder value," Jon Kirchner, Xperi CEO. In February 2020 Metis Ventures, a Delaware limited liability company, made a $1.2bn offer for Xperi. Xperi announced that it will not be engaging in discussions with Metis Ventures and does not intend to make any further comment at this time.