Certicom says tells investors to sit tight on RIM bid

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Certicom logoAt this point, I bet RIM is wishing their attempted takeover of Certicom was going as smoothly as their purchase of Chalk Media. Unfortunately for RIM, Certicom isn’t playing along. One day after RIM filed a formal takeover bid for the encryption software company, Certicom brass released a statement claiming that the CDN$66 million offer undervalues the company, and urged shareholders to take no action until getting a formal evaluation from its directors’ committee.

Certicom said it has hired financial and legal advisers to assist the special committee of the board in reviewing the offer and examining other strategic options. It also said it will have a formal response to RIM’s bid by Dec. 29. RIM’s offer expires Jan. 15. Something tells me that we won’t see this resolved until then.

|via Reuters|