WATERLOO, Ont. - Technology heavyweight Research in Motion Ltd. said Wednesday it was extending the expiry date on its offer to buy the Toronto-based Certicom Corp. by 12 days.
Rim said the hostile bid, valued at $66 million or $1.50 per share, is now set to expire Jan. 27, 2009, rather than the original Jan. 15 closing date.
The company, based in Waterloo, Ont., said the extension has been granted in order to allow the Ontario Superior Court of Justice more time to process Certicom's challenges to the proposed deal.
Last week, Certicom announced it had gone to court to block the takeover, arguing the BlackBerry maker's offer violates confidentiality agreements between the two companies.
The data-encryption company has counted Research in Motion as a customer for many years, and said the bid contravenes non-disclosure agreements signed by RIM in 2007 and 2008.
Certicom also issued an official rejection of the deal, advising shareholders not to tender to the bid and asserting that RIM's offer undervalues the company.
RIM said it plans to contest Certicom's application, adding it plans to launch proceedings of its own with the Ontario Securities Commission.
