Oh snap! VeriSign buys Certicom for C$92 million

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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!

Read full Certicom Press Release

  • Gnarlyswine

    not a bad day for RIM – a bad day for Canada and common sense.
    In the current economic climate which sounds better for an employee of certicom:
    1. Bought over by a local company in the same industrial sector that wants to expand into other fields and make use of your technology.
    2. Bought by a bunch of foreign investors who will run down the company in favour of there local ones, sell off infrastructure to pay dividends to shareholders and jump ship at the first sign of trouble as happened with the housing , finance and oil market.

    what an incredible lack of vision our courts must have.

  • Gnarlyswine

    not a bad day for RIM – a bad day for Canada and common sense.
    In the current economic climate which sounds better for an employee of certicom:
    1. Bought over by a local company in the same industrial sector that wants to expand into other fields and make use of your technology.
    2. Bought by a bunch of foreign investors who will run down the company in favour of there local ones, sell off infrastructure to pay dividends to shareholders and jump ship at the first sign of trouble as happened with the housing , finance and oil market.

    what an incredible lack of vision our courts must have.