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Mosaid Agrees to Takeover by Private Equity Group
Published on:
Canadian patent holdings company, Mosaid Technologies has agreed to a take-over from the private equity group, Sterling Partners, scuppering a hostile takeover approach from rival patent troll, Wi-LAN.
The total value of the transaction is approximately $590 million.
The $46.00 per Mosaid share offered by Sterling represents a premium of 45.3% to the closing price on the Toronto Stock Exchange of the Mosaid Shares on August 17, 2011, the last trading day prior to the announcement by Wi-LAN of its intention to make its unsolicited offer, and a 9.5% premium to the unsolicited take-over bid by Wi-LAN at an amended price of $42.00 per share.
This transaction represents the culmination of the strategic alternative review process that commenced following the take-over approach by Wi-LAN. During this process, the financial advisors and Mosaid contacted over 35 parties to discuss their interest in pursuing a strategic transaction with Mosaid. As a result of those contacts, Mosaid entered into confidentiality and standstill agreements with 12 interested parties and had ongoing discussions with multiple parties.
The transaction with Sterling, in the view of the Special Committee and the Board, was the most attractive offer made for the shares of Mosaid and represents the best sale alternative available for shareholders.
Tags: [mosaid technologies] [wi-lan] [sterling partners] [toronto] [mosaid] [Canada]
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