BlackBerry maker Research In Motion (RIM) said today that Certicom is opposing its acquisition at CDN $1.50 per share, which RIM offered earlier this month.
Certicom is seeking an injunction from the Ontario Superior Court of Justice and a cease-trade order from the Ontario Securities Commission, RIM said.
“While this course of conduct is consistent with Certicom’s past conduct in rebuffing RIM’s overtures to conclude a negotiated transaction with Certicom, RIM is disappointed that Certicom’s directors are again attempting to keep the decision as to whether to accept RIM’s offer out of Certicom shareholders’ hands,” officials stated.
“RIM understands that the basis of the injunction and cease-trade applications is Certicom’s allegation that RIM used confidential information contrary to the terms of agreements entered into between RIM and Certicom, and an alleged related failure by RIM to make proper disclosure in its offer to purchase and circular sent to Certicom’s shareholders. RIM intends to vigorously oppose Certicom’s allegations,” the company added.
Also, “RIM intends at the appropriate time to bring an application to the Ontario Securities Commission to cease trade Certicom’s shareholder rights plan,” it said.
Certicom makes a variety of software for asset management and security. It also makes hardware IP cores and plays in mobile.
Filed Under: Infrastructure