Research In Motion said it will oppose Certicom's attempts to stop RIM's acquisition bid of the wireless VPN security company. On Dec. 3, RIM made an offer to acquire Certicom for around $1.19 per share, or $52.4 million, after it said it tried to reach a deal with Certicom's managers but could not.
Certicom plans to file an injunction with both the Ontario Superior Court of Justice and Ontario Securities Commission as it seeks to stop the acquisition bid. Certicom rolled out the first wireless VPN for cellphones in 2002 and has worked with a variety of handset makers, including Motorola.
RIM said in a statement that it 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." RIM said Certicom will say in its filings that RIM used confidential information in making its bid and that it failed to make necessary public disclosures when it made the offer. RIM said it will "vigorously" oppose the move.
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