WATERLOO, ON – Research In Motion (RIM) has withdrawn its offer to buy out data encryption company Certicom Corp.
The BlackBerry maker last month announced its intention to offer a $66 million takeover bid for the Mississauga-based company, which develops technology for preventing unauthorized use of data communications.
But RIM said in a press release Tuesday that conditions of its offer “can no longer be satisfied as a result of the decision issued (Monday) by the Ontario Superior Court of Justice”.
According to an article in the Globe and Mail, RIM used confidential information “to make an offer directly to Certicom’s shareholders” in violation of non-disclosure agreements signed between the two companies in 2007 and 2008.
“The use of the confidential information provided pursuant to the two non-disclosure agreements at issue … to assess the desirability of a hostile takeover bid breached those agreements. RIM and RIMAC shall be enjoined from taking any steps to advance the hostile takeover bid launched by them on Dec. 10, 2008,” Justice Alexandra Hoy wrote in her judgment, the Globe reported.
To read the Globe and Mail article, click here.
