What a bad week for RIM. First, they’re forced to withdraw their hostile takeover bid of Certicom due to a Superior Court Order. Then, news breaks that RIM’s co-CEOs Mike Lazaridis and Jim Balsillie may be dinged for up to C$100 million for a backdating scandal (it looks like Balsillie may also have to step down from the Board of Directors). To close out the week, RIM has awoken today to learn that Internet security provider VeriSign has agreed to purchase Certicom for C$2.10 a share, roughly C$92 million total. VeriSign’s offer trumps RIM’s C$1.50 a share offer – I guess Certicom was serious when they said RIM had undervalued them.
Certicom board chairman Jeffrey Chisholm said “The special committee and the board conducted a thorough process on behalf of Certicom shareholders resulting in a significant increase in value for the company and its owners. We believe this transaction also represents a very promising opportunity for our customers and employees.”
Honestly, RIM, just go back to bed. Take a waiver on the day, have a fun weekend, and come back Monday pretending this week never happened. Thanks to my boy M-Dawg for the tip!