Patent holding company Mosaid agrees to deal with Sterling Partners

Patent holding company Mosaid Technologies has shunned a second offer from rival WiLAN in favor of a dealing with private equity firm Sterling Partners.

The firm will acquire all of the outstanding common shares of Mosaid for a cash payment of $46 per share, valuing the entire transaction at $590 million. WiLAN had offered to pay $42 per share for the company.

Mosaid's board unanimously recommends that shareholders reject WiLAN's bid, which made an initial bid of $38 per share last month that Mosaid's board rejected.

Mosaid said it contacted more than 35 parties to discuss their interest in pursuing a strategic transaction with the company. As a result of those contacts, Mosaid said it entered into confidentiality and standstill agreements with 12 interested parties and had ongoing discussions with multiple parties.

Mosaid recently acquired Core Wireless and its portfolio of 400 patent families, consisting of approximately 2,000 wireless patents and patent applications originally filed by Nokia, 1,215 of which have been declared essential to 2G, 3G, and 4G standards, Mosaid said. The patents have remaining lives of 10 years, on average, and cover 49 different countries.

For more:
- see this release

Related articles:
Patent holding company WiLAN sweetens offer for rival Mosaid
Patent holding company Mosaid rejects unsolicited takeover bid from WiLAN
WiLAN sues Apple, Dell, HP and more over LTE, HSPA, CDMA and Wi-Fi technologies
WiLAN acquires 60 wireless patents from Glenayre for $8M
Wi-LAN sues Apple, 18 other companies over Bluetooth patents
Wi-LAN initiates patent lawsuits against 22 companies
Wi-LAN, RIM settle patent dispute
Wi-LAN sues Motorola, RIM and UTStarCom over patents

Suggested Articles

The FCC gave the OK for Spectrum Access Systems (SASs) operated by Google, Federated Wireless, CommScope, Amdocs and Sony to begin their initial commercial…

The Wi-Fi Alliance announced that its Wi-Fi Certified 6 certification program is now available.

If its merger with Sprint doesn’t go through, T-Mobile could still use spectrum in the 2.5 GHz band—of the EBS variety.