RIM announced plans today to offer CDN $1.50 a share in cash to buy encryption software company Certicom Corp in a deal worth about CDN $66 million. The offer represents a 76.5% premium over the December 2nd closing price of Certicom stock.
RIM said it is making the offer directly to Certicom shareholders because it has been unable to advance the transaction with management since starting talks in February 2007. The offer is not subject to financing conditions and will be funded by cash on hand, said RIM. It expects to formally commence the offer by Dec 12.
RIM’s offer comes only a day after the Waterloo company cut their Q3 revenue outlook in the face of slowing subscriber growth.