RIM says ‘phooey’ to Certicom: Withdraws bid after court injunction against $65 million offer

Research In Motion Ltd. yesterday withdrew its offer to purchase Certicom Corp., an encryption firm, after a Canadian court imposed an injunction on its offer.
RIM dropped its takeover bid after the Ontario Superior Court of Justice found in Certicom’s favor after the latter had charged RIM had used confidential information – shared with RIM in friendly purchase negotiations, according to Certicom – to make its bid. RIM had denied that allegation.
The Canadian BlackBerry vendor, based in Waterloo, Ontario, had sought to purchase Certicom to bolster its security portfolio and last year offered about $52.6 million for the encryption company, based in Mississauga, Ontario.