Back at the beginning of December Research in Motion announced its itentions to buy Certicom, a Canadian encryption software company, for C$1.50 per share. Almost immediately Certicom made it clear that they didn’t want to be bought and even got an injunction blocking the takerover this passed Monday.
It would appear that all the fuss that Certicom put up has paid off. RIM has withdrawn its offer.
Monday’s Ontario Superior Court order granting Certicom’s request for an injunction meant the conditions of the offer made in December could no longer be met.
[Via Reuters]
Research in Motion today announced that it intends to make an offer buy all shares of encryption software company Certicom $1.50 Canadian per share. This represents a 76.5% premium of Certicom’s closing price yesterday, Dec. 2nd.
Beginning in February 2007, RIM commenced discussions with Certicom management to evaluate a potential transaction. At various points since beginning discussions, RIM has conducted certain due diligence on the business and we continue to believe Certicom is a natural fit for RIM. Our collective expertise and business resources would increase the adoption of Certicom’s technology,” said Jim Balsillie, Co-CEO of RIM. “We believe our proposed offer is fair, reflects the full value of Certicom and takes into account the growth prospects and potential synergies made possible by this transaction. As we are unable to engage Certicom management in a meaningful dialogue to advance the terms of a potential transaction, we believe it is in the best interests of our respective shareholders, employees and customers to make this attractive offer directly to Certicom shareholders now.
Read the full press release here…
[Via Reuters]