Mosaid shareholders approve Sterling's buy

Mon Dec 19, 2011 12:14pm EST
 
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TORONTO (Reuters) - Shareholders in Canadian patent licensing company Mosaid Technologies MSD.TO have approved its sale to private equity firm Sterling Partners, the Ottawa-based company said on Monday.

U.S.-based Sterling agreed to pay C$590 million ($569 million) for Mosaid. The C$46 a share offer topped a C$42 bid from rival licensing firm Wi-Lan.

Mosaid also said it had satisfied certain regulatory approvals and expected final approval and closing of the deal this week.

Mosaid shares were little changed at C$45.91 at midday on Monday, having risen 54 percent since the start of the year.

(Reporting by Alastair Sharp; editing by Rob Wilson)