Components | September 29, 2011

WiLAN extends offer to acquire Mosaid

Wi-LAN has extended its Offer to acquire Mosaid Technologies Incorporated to 5:00 pm Eastern Time on October 14, 2011, unless further extended or withdrawn.
During the extension period, WiLAN will continue to work with the relevant regulatory authorities to obtain all required approvals for the Mosaid acquisition.

Under the terms of the Offer, WiLAN proposes to acquire all of the outstanding common shares of Mosaid for 100% cash consideration of CAD 38.00 in cash per Mosaid Share.

Also, as outlined in WiLAN’s Notice of Extension and Variation, WiLAN has amended the conditions of the offer in light of the recently announced Confidential Royalty Participant Agreement between Mosaid, Core Wireless Licensing S.a.r.l. (a recently acquired wholly-owned subsidiary of Mosaid), Nokia Corporation and Microsoft Corporation. It is now a condition of the offer that no covenants, terms or conditions of the Core Wireless transaction, including those that have not been publicly disclosed as of September 28, 2011, exist which could have a material adverse effect.

The Notice of Extension and Variation also outlines concerns relating to recent developments, including Mosaid’s recent USD 11 million sale of unidentified patents. WiLAN believes that given the limited disclosure in Mosaid’s announcement relating to this sale of patents, "neither WiLAN nor any other Mosaid Shareholder has been afforded the opportunity to assess fairly the nature or transfer of value of the sale".


Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
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