WATERLOO, Ont. - Research In Motion Ltd. (TSX:RIM) has lined up an agreement to acquire Chalk Media Corp. (TSXV:CKM) for $23.1 million in cash.
RIM also said Thursday it is lending the Vancouver-based mobile-media software maker $2.2 million to provide working capital until the deal is completed.
RIM is offering 14.2 cents per share for Chalk Media, which last traded at 4.5 cents on the TSX Venture Exchange, with a 52-week range between 24.5 cents and two cents.
The deal, expected to close in February, follows RIM's $66-million hostile offer Dec. 3 for data encryption specialist Certicom Corp. (TSX:CIC).
Chalk Media developed Mobile Chalkboard, which creates and deploys media-rich content delivery to RIM's BlackBerry smartphones.
The technology has been "embraced by large corporate and government organizations that have deployed the BlackBerry platform and will provide a powerful addition to RIM's portfolio of products and services for enterprise customers," Research In Motion stated.
RIM, whose latest quarterly balance sheet included a cash hoard of US$1.1 billion, said the takeover offer has been accepted by Chalk Media insiders owning 20.9 per cent of the company.
