Mosaid Technologies (MSD.TO) on Wednesday asked shareholders to reject a hostile, C$480 million takeover bid from WiLan Inc (WIN.TO) after the patent licensing company's board said the offer was inadequate. Ottawa-based Mosaid said its largest shareholder and all of its directors and officers - holding some 16.7 percent of the company's stock - had rejected the offer. WiLan, which develops and licenses intellectual property for the communications and consumer electronics markets, made a C$38-a-share offer for Mosaid in late August. The bid underscores the global race for technology patents to use as weapons in litigation and in cross-licensing. ($1=$0.985 Canadian)
Shares of MSD remained unchanged at $10.80. In the past year, the shares have traded as low as $9.75 and as high as $11.80. On average, 61655 shares of MSD exchange hands on a given day and today's volume is recorded at 0.
Shares of WIN remained unchanged at $12.42. In the past year, the shares have traded as low as $10.76 and as high as $14.40. On average, 6574500 shares of WIN exchange hands on a given day and today's volume is recorded at 0.
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