San Francisco-based blinkx, a developer of video search engine tools, said today that it has made a proposal to MIVA, Inc. to acquire the firm for $1.20 per share in cash, or approximately $40M. The firm said that the proposal is a 54% permium over MIVA's closing price as of Thursday. MIVA develops consumer destination sites and a pay-per-click advertising network. blinkx said that it is looking to buy MIVA to accelerate the firm's growth. blinkx is listed on the London stock exchange, while MIVA is listed on the NASDAQ. In a letter released by blinkx, the firm cited "challenges" facing MIVA, including a deteriorating cash position, "continued deterioration" of MIVA's Media EU business and "continued decline in revenue and profitability" as reasons the transaction makes sense.