Certicom Corp. (TSX: T.CIC, Stock Forum) announced Tuesday that it has received an offer from Research in Motion (TSX: T.RIM, Stock Forum) to acquire the company at $3.00 per share, nearly two months after offering $1.50 per share for the company.
The move comes less than two weeks after Certicom and California-based VeriSign (NASDAQ: VRSN, Stock Forum) announced they entered into an arrangement agreement for VeriSign to acquire Certicom for $2.10 per share, for an aggregate purchase price is approximately C$92 million.
At the time, Certicom said its board of directors unanimously concluded that the VeriSign transaction is in the best interests of shareholders.
A few days before, a RIM subsidiary withdrew its $1.50 per common share offer for all of the common shares of Certicom, following the granting of a permanent injunction by the Ontario Superior Court of Justice, which restrained the bid made on December 10 from proceeding.
Certicom says its special committee of independent directors is reviewing the new RIM Offer, in the context of the company's legal obligations under its previous arrangement agreement with VeriSign.
The purchase price under the RIM offer represents a premium of around 43% over the purchase price payable by VeriSign.
Certicom notes that if its board of directors determines that the RIM offer is a superior proposal, VeriSign will have the right, but not the obligation, to offer to amend the terms of its arrangement within five business days.
Trading in shares of Certicom were halted briefly Tuesday morning and resumed trading at noon, climbing more than 35% to $3.18.
On the Certicom Bullboard Tuesday, dundas commented on the announcement, saying: “Finally RIM understands the value of this company and is willing to pay $3.00. I hope there is a bidding war with more companies entering the fray. I hope RIM succeeds. Like to see Certicom remain a Canadian company[sic]”
