RIM ends bid

An Ontario court ruling has led to Waterloo-based Research In Motion Ltd. dropping its $66-million bid to acquire security services provider Certicom Corp. The court granted Certicom an injunction staying the hostile takeover attempt after it found that RIM had broken two non-disclosure agreements signed with the Mississauga-based company when it invoked confidential information taken from earlier, friendly takeover negotiations. As a result of the decision RIM says that it can no longer satisfy the terms of its offer. Certicom is now reportedly planning to auction the company in order to drive up its sale price. RIM still has the option of a friendly takeover bid and is offering $1.50 a share for Certicom stock.

Submit a comment

Please leave your name, which will be used to sign your submission to the SCANsite. Thanks for contributing your thoughts. Come back again. Tony Patterson, Editor & CEO.

© 2006 - 2009 SCAN
Site by Citadel Rock