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Mergers and Acquistions News

Categories: Telecoms

January 20th 2009, 17:20PM

The Canadian-based Blackberry manufacturer Research in Motion (RIM) says it is considering its options after a court blocked its bid for Certicom.

RIM attempted a hostile takeover of the company offering $1.50 (£1.06) a share, but its bid was restrained by an injunction from the Ontario superior court of justice.

In a statement, RIM said it was "disappointed" by Certicom's directors in pursuing court proceedings.

RIM now must effectively withdraw its bid and consult Certicom before entering in any auction for the company.

Its statement commented: "RIM is reviewing the court's reasons for decision and is considering any alternatives available to it as a result of the court order, including a possible appeal."

An early, friendly acquisition of Certicom by RIM had failed.

Certicom is a security and electronics specialist based in Canada.

The response to RIM’s takeover attempt on their website was unequivocal: "YOUR BOARD UNANIMOUSLY RECOMMENDS THAT YOU REJECT THE HOSTILE BID".
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