Research in Motion (RIM) intends to acquire content deployment developer Chalk Media for C$23.1 million (€13.95 million). Chalk has developed a podcast delivery platform, Mobile chalkboard, and is a member of the BlackBerry ISV Alliance Program.
RIM has also agreed to lend Chalk $1.78 million in working capital, to help fund its operations until the transaction is complete.
The $0.14 per share offer had represented a substantial premium over Chalk's then-trading price of $0.05. The price has since risen following the announcement, and Chalk shares are currently trading at $0.13 per share.
Chalk's board has unanimously approved the deal. It still requires approval from Chalk's shareholders to go ahead, but the board has recommended that shareholders vote in favour of the transaction.
RIM can count on at least a 20% 'yes' vote, having entered into arrangements with Chalk's directors and several other shareholders guaranteeing a favourable vote.