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Components | October 05, 2011

Wi-LAN gets US & Canadian regulatory clearances on Mosaid

Wi-LAN said in a statement that its $ 480 million take over offer for Mosaid has received U.S. and Canadian regulatory clearances.
"The waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) in respect of WiLAN’s Offer to acquire MOSAID Technologies Incorporated has expired."

Furthermore, Wi.LAN also stated that "the company has also received a “no-action” letter from the Commissioner of Competition that confirms that the Commissioner does not intend to challenge the Offer under the merger provisions of the Canadian Competition Act."

An Ontario Securities Commission hearing is scheduled for October 12, 2011, at which WiLAN will seek to have Mosaid’s Shareholder Rights Plan cease traded.

Mosaid - which as rejected the Wi-LAN offer on grounds of it undervaluing the company -has asked its shareholders not to tender their shares while it considers other alternatives.

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