When I posted yesterday that it seemed like RIM was nearing a point in their pursuit of Certicom where they’d have to cut their loses and quit, I didn’t realize they were standing on it (maybe I know more about hostile takeovers than I previously thought).
After mulling over options to appeal Monday’s Ontario Superior Court order granting Certicom’s request for an injunction, RIM in the end decided to withdraw their CDN $66 million hostile takeover bid, saying the ruling had left them no option.
Monday’s Ontario Superior Court order granting Certicom’s request for an injunction meant the conditions of the offer made in December could no longer be met, RIM said in a statement.
While this is obviously a fairly public black eye for RIM, I wonder if they’re better off in the long run failing to acquire Certicom. Whatever value the company has in technology or personnel, it would have been a logistical nightmare trying to integrate a company that had fought tooth and nail to remain independent.