BlackBerry’s Research in Motion (NSDQ: RIMM) announced today that one of its subsidiaries has withdrawn its acquisition offer to buy Certicom, an encryption software company, based on the outcome of a court-ordered permanent injunction. RIM had extended the CDN $52 million offer to Certicom shareholders, so they could consider it until Jan. 27, but RIM said it’s withdrawing its offer today because it can no longer be satisfied based on the court’s ruling. Certicom asked the Ontario Superior Court of Justice and the Ontario Securities Commission to stop the offer from proceeding because it claimed that RIM and its subsidiary had breached non-disclosure agreements entered into by Certicom and RIM in 2007 and 2008 by using confidential and proprietary information supplied by Certicom to RIM for its bid. Certicom said it had provided this information to RIM for its use in in a friendly acquisition negotiations. The court granted a permanent injunction to prohibit the hostile takeover. Release.
Subscriber content
?
Subscriber content comes from Gigaom Research, bridging the gap between breaking news and long-tail research. Visit any of our reports to learn more and subscribe.
Advertisement
Advertisement
Advertisement
Comments have been disabled for this post