(Reuters) - Wi-LAN Inc said its proposal to buy Mosaid Technologies Inc has received U.S. and Canadian regulatory nods, paving the way for the Canadian patent company to acquire its rival for C$480 million ($457.7 million).
Wi-LAN, which made a hostile bid for Mosaid in mid-August, said the Commissioner of Competition does not plan to oppose the acquisition.
The company will also seek to cancel Mosaid’s shareholder rights plan at the Ontario Securities Commission hearing, set for October 12, Wi-LAN said in a statement.
Shares of Wi-LAN were down 10 percent at C$5.14, while those of Mosaid were slightly down at C$37.01 on Tuesday morning on the Toronto Stock Exchange. ($1 = 1.049 Canadian Dollars)
Reporting by Abhiram Nandakumar in Bangalore; Editing by Sriraj Kalluvila