It’s amazing that what started as a fairly innocuous attempt to purchase a security software firm has quickly devolved into a very public takeover battle between RIM and Certicom. In this round, Certicom has come out swinging, publishing a fairly large newspaper ad urging shareholders to ‘REJECT THE HOSTILE BID’ and not tender their shares at RIM’s $1.50/share offer.
Certicom claims that RIM’s offer fails to provide fair value for their IP, cash on hand and improving financial performance. In addition, Certicom states RIM has violated confidentiality agreements and has contacted the Ontario Securities Commission for a cease trade order. We’ll keep a close eye on the story to see how RIM responds.