Even though Certicom Corp. announced that VeriSign bought them for $92 million, $2.10 per share, a 40% in increase in value from what RIM was originally offering. The deal is set to officially close in March between the two companies… until today’s soap opera!
RIM has come back to the table and proposed a new deal that brings $3.00 per share, or about $132 million and 43% over the current VeriSign offer. According to the official release “The RIM Offer consists of an arrangement agreement executed on behalf of RIM, and is open for acceptance by Certicom until noon on February 12, 2009.”
There must be something really unique for RIM to want Certicom so badly!
Certicom’s Special Committee is looking over the new RIM offer and finding our where it stands with its legal commitment to VeriSign. If the committee finds that the RIM offer is better, VeriSign has 5 days to revise the offer and present it to Certicom. Now, if Certicom ends up taking the RIM offer they will have to pay out $4 million (CDN) in termination fees to VeriSign.
More on this tech drama very soon!
Source: Certicom
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