WiLAN Increases its Offer to Buy Mosaid
Published on: 19th Oct 2011
Note -- this news article is more than a year old.
By: Ian Mansfield
Patent troll WiLAN has increased its all cash offer to acquire rival patent troll Mosaid Technologies by 11% to $42.00 per share. WiLAN said that it has no intention to further revise or extend its Revised Offer.
Mosaid had previously rejected the takeover bid.
The revised offer price represents an 11% premium to the original Offer price and a 38.6% premium to the average share price before the offer was made.
"We continue to believe that combining our two Ottawa-based firms is a unique and exciting opportunity to create a global IP licensing powerhouse that combines the talent of two great teams. We expect to retain the vast majority of Mosaid staff upon successful completion of this transaction," said Jim Skippen, Chairman and CEO. "Acquiring Mosaid fits perfectly within our long-term growth strategy and our commitment to increasing shareholder value. The acquisition of Mosaid remains accretive to WiLAN's adjusted earnings per share in fiscal 2012 and has the unanimous support of the WiLAN Board."
Added Skippen, "It has been more than two months since WiLAN announced its intention to acquire Mosaid. We believe it to be a compelling and full offer, particularly in light of current market conditions."