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 it might pursue higher offers for the company after investors digest its acquisition last week of a huge portfolio of Nokia (NOK1V.HE) and Microsoft (MSFT.O) patents. "Even before Mosaid acquired the Core Wireless patents, WiLan's offer was clearly inadequate and highly opportunistic - it is only more so now," Mosaid Chairman Carl Schlachte said in a statement. 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. Mosaid shares slipped 1.46 percent to C$40.60 a share in midafternoon trade in Toronto, but have been trading above WiLan's C$38-a-share offer price, suggesting the market expects a higher bid to emerge. WiLan rose 5.2 percent to C$7.28 a share.
Shares of MSD traded higher by 0.28% or $0.03/share to $10.83. 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 18424.
Shares of WIN traded higher by 1.45% or $0.18/share to $12.60. 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 4211048.
Microsoft Corporation is engaged in developing, licensing and supporting a range of software products and services. Shares of MSFT traded higher by 1.76% or $0.45/share to $25.96. In the past year, the shares have traded as low as $23.65 and as high as $29.46. On average, 65377800 shares of MSFT exchange hands on a given day and today's volume is recorded at 26663420.
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