Mississauga-based encryption technology company Certicom has announced that RIM will acquire all issued and outstanding common shares at a cash price of C$3.00 per share… there are about 43.7 million shares outstanding which makes this deal valued over $130-million.
RIM initially offered $1.50 per share, then Certicom took them to court, blocked the hostile takeover bid… later to be offered $2.10 by VeriSign and finally taken over by RIM. Since the last day of trading on December 2nd, 2008, this comes out to a staggering 252.9% over the TSX closing price.
Jeffrey Chisholm, Chairman of the Board of Directors of Certicom said “The Board of Directors of Certicom has concluded that the RIM transaction is in the best interests of the Corporation, and unanimously recommends that shareholders of Certicom vote in favour of the Plan of Arrangement at the shareholders’ special meeting to be held in respect of the RIM transaction.”
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