BlackBerry-maker Research in Motion had initiated a takeover of nearby security firm Certicom last week, but Certicom’s senior management is none too happy about it.
“It is however the preliminary view of Certicom’s special committee that the timing and the approach of the RIM offer are highly opportunistic, and it believes that RIM’s offer clearly undervalues Certicom,” the company said of the offer that values Certicom at $66 million.
Shareholders might agree, since their stock price has spiked to $1.43 from $0.83 before the offer, but that may turn right around if the takeover bid doesn’t go through. A previous announcement, Certicom said they’re looking into alternatives, but we haven’t heard much from other interested parties. It would certainly be interesting if another manufacturer swooped in and outbid RIM, leaving them high and dry with one less partner to work with. Other acquisitions, like Chalk’s, have gone through relatively painlessly, but we’re left to wonder if RIM really is being opportunistic about the economic downturn. Maybe a few more buyouts are on the way…
[via Canadian Press]