Ontario Judge Blocks RIM’s Bid for Certicom

5:50 am on January 20, 2009 | Category: Business, Corporate, Law

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Ontario Superior Court Justice, Alexandra Hoy, has blocked Research In Motion’s hostile takeover of Certicom Corp., ruling that RIM had violated non-disclosure agreements between the two companies.

“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,” Hoy wrote in a judgement issued yesterday. “RIM … shall be enjoined from taking any steps to advance the hostile takeover bid launched by them on Dec. 10, 2008.”

“This decision will effectively require RIM to withdraw its bid,” Certicom stated in response to the ruling. “If RIM wishes to proceed with a subsequent offer, it may do so in compliance with its non-disclosure agreements with Certicom, or with Certicom’s consent.”

Research In Motion says that it is considering all options to revive the acquisition, including the possibility of an appeal.

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    Published by TeleClick Enterprises
    Edited by Jeremy Maddock