Canada-headquartered online video firm JumpTV (TSE: JTV) has received an unsolicited competing bid to buy the company from the professional troublemaker and MySpace co-founder Brad Greenspan, but the company has rejected the offer. Jump is already in the process of merging with NeuLion, a Plainview, NY-based start-up that delivers IPTV programming.

Under the offer, Greenspan was prepared to pay up to $12.6 million for 25 percent of JumpTV’s shares in a deal that would also see LiveVideo’s assets folded into the company. More details on his offer here.

But JumpTV said Friday that Greenspan’s offer “was not in the best interests of the company.” It said today it has executed its binding agreement to merge with NeuLion, and expects the merger to close on or about Oct. 1 this year, subject to required approvals.

Also, Jump announced more executive turnover: Jordan Banks will step down as the CEO of the company, effective today. More details here.

• Online Video Shakeout Continues: JumpTV and NeuLion Merge