Mergers and Acquistions News
Categories: Telecoms
December 4th 2008, 16:05PM
Research In Motion (Rim) is to make a C$66 million (£36 million) bid for encryption software firm Certicom, it has been revealed.
According to Rim, makers of the BlackBerry line of phones, it has been unable to reach an agreement with the management of its target and for this reason it is now putting its offer to shareholders.
Jim Balsillie, the telecoms firm's co-chief executive, said: "We believe it is in the best interests of our respective shareholders, employees and customers to make this attractive offer directly to Certicom shareholders."
Rim has found itself "unable to engage Certicom management in a meaningful dialogue" about the prospects of a deal.
The bid will be of C$1.50 a share, which represents a 76.5 per cent premium over the closing price of Certicom stock on December 2nd, he added.
Meanwhile, Rim has revealed that it expects to post third quarter profits of around $2.75 billion (£1.88 billion), slightly lower than it has forecast.
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