Mosaid Technologies (MSD.TO) said on Thursday it would finish its review of a C$480 million ($485 million) hostile takeover bid from rival WiLan (WIN.TO) by Sept. 7, and asked shareholders to take no action before then. Ottawa-based Mosaid, a holder of semiconductor patents, said a preliminary review showed the offer was opportunistic and undervalued the company. "Mosaid shareholders are urged to take no action at this time pending the full review by the special committee and further communications from Mosaid's board of directors," the company said in a brief statement. WiLan's unsolicited offer expires on Sept. 28.
Shares of MSD fell by 0.09% or $-0.01/share to $10.72. In the past year, the shares have traded as low as $9.75 and as high as $11.80. On average, 67212 shares of MSD exchange hands on a given day and today's volume is recorded at 26786.
Shares of WIN fell by 0.99% or $-0.12/share to $11.99. In the past year, the shares have traded as low as $10.76 and as high as $14.40. On average, 6372870 shares of WIN exchange hands on a given day and today's volume is recorded at 5908624.
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