Canadian court blocks RIM bid for Certicom

January 21, 2009 at 13:38 Leave a comment

The Ontario Superior Court of Justice has issued an order blocking Research In Motion’s takeover bid for mobile security developer Certicom. Certicom had opposed the bid, saying it undervalued the company. Certicom asked the court to block the hostile offer, claiming RIM had access to confidential company information when it made the offer, as a result of their earlier partnerships. As a result of the court order, Certicom shareholders will not be able to accept the offer, and if another offer materialises for Certicom, RIM cannot participate in an auction for Certicom, without Certicom’s prior written consent. RIM is reviewing the court’s reasons for the decision and is considering alternatives available to it as a result of the court order, including a possible appeal.

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Entry filed under: BlackBerry, Canada, Mobile, Research in Motion, RIM, Telecom, Wireless. Tags: , , , , , , .

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