Mergers and Acquistions News
Categories: Telecoms
December 5th 2008, 16:06PM
Research In Motion (Rim) faces a battle if it is to succeed in its takeover bid for Certicom, it has been claimed.
A statement issued by the software firm after the telecoms giant launched a C$66 million (£36 million) offer reveals that there has been similar interest from "several parties".
"Management of Certicom has recently been engaged in discussions specifically with Rim and another party and has attempted to engage them in a fair process; however Rim desired that Certicom engage in exclusive discussions only," Certicom said.
In light of the Rim bid the company has set up a special committee of board members which will look at the adequacy of the proposal and any other proposals which might be forthcoming.
The body will also look to maximise value for Certicom shareholders and will make a recommendation to the full board in due course.
Yesterday, Rim said that its bid was made because it had not been able to come to an agreement with Certicom management.
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