Research In Motion Ltd. said today it will fight for its takeover bid for Certicom Corp., an encryption firm, after the latter sought a court injunction to thwart RIM’s purchase.
Certicom said it would weigh RIM’s bid -RIM is offering Certicom shareholders $1.20 per outstanding share, which translates to $52.6 million for the company – but also evaluate competing bids.
RIM said Certicom’s basis for an injunction – that the BlackBerry maker unfairly used confidential information to make its bid – was untrue and it would fight the allegations.
RIM, based in Waterloo, Ontario, would bolster its security offerings by integrating Certicom’s encryption technology into its servers and devices. Certicom is based in Mississauga, Ontario, and is known for elliptic curve cryptography (ECC).
RIM just reported modest earnings for fiscal third-quarter 2009, but said its current quarter should set a company record for device volumes.
RIM’s hostile bid sees pushback as Certicom seeks to stop acquisition
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