Mosaid: ‘Wi-LAN’s offer clearly undervalues’
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. It is, however, the Special Committee’s preliminary view that the timing and approach of the Wi-LAN offer are highly opportunistic, and that Wi-LAN’s offer clearly undervalues Mosaid.The current expiry date of Wi-LAN’s unsolicited offer is September 28, 2011. This is the minimum time allowed under Canadian take-over rules. Wi-LAN’s offer is not a permitted bid under the Shareholder Rights Plan adopted by a majority of Mosaid shareholders on October 1, 2008.