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Post by
frugal18on Dec 11, 2008 5:02pm
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Certicom urges investors to sit tight on RIM bid
Certicom urges investors to sit tight on RIM bid
Breaking News from The Globe and Mail
Certicom urges investors to sit tight on RIM bid
Reuters
Thursday, December 11, 2008
TORONTO — Certicom Corp said Thursday it believes a $66-million takeover bid from BlackBerry maker Research In Motion undervalues the company, and it urged shareholders to take no action until getting a formal evaluation from its directors' committee.
RIM made an unsolicited $1.50 a share offer for the encryption software maker early this month after being spurned in its attempt at a friendly deal.
Certicom said it has hired financial and legal advisers to assist the special committee of the board in reviewing the offer and examining other strategic options.
It said it will have a formal response to RIM's bid by Dec. 29. The offer expires Jan. 15.
Certicom shares closed up 3 cents at $1.73 on the Toronto Stock Exchange. RIM fell $1.99 to $46.59.
https://www.globeinvestor.com/servlet/story/RTGAM.20081211.wgtcerticom1211/GIStory/#