RIM to oppose Certicom move to block takeover

Mon Dec 22, 2008 1:42am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Reuters) - BlackBerry maker Research In Motion said it will oppose Certicom Corp's attempts to prevent RIM from acquiring it in a C$66 million deal.

Certicom intends to apply for an injunction preventing RIM from taking over the company for a previously announced offer price of C$1.50 a share, RIM said in a statement.

RIM said it will strongly oppose Certicom's accusations of wrongly using confidential information and not making proper disclosures.

Earlier this month Certicom had said the takeover bid by RIM undervalues the company, and urged shareholders to take no action until a formal evaluation by its directors.

RIM's unsolicited offer for the Mississauga, Ontario-based encryption software maker came after it was spurned in its attempt at a friendly deal.

(Reporting by Eric Yep in Bangalore; Editing by Hans Peters)