Yesterday RIM disclosed that Nortel Networks has stopped RIM to bid for Nortel Wireless Business which is facing bankruptcy auction. Dissappointed on refusal RIM was a qualified bidder but was told it could be qualified only if it promised not to submit offers for other Nortel assets for a period of one year.
RIM was ready to pay in range of US $1.1 billion for acquisition But Nortel & its advisors,being aware of RIM’s desire to purchase other Nortel rejected RIM’s repeated attempts to engage in meaningful discussions.
Based on its preliminary review, subject to due diligence and the entering into of appropriate ancillary agreements, for the CDMA and Long Term Evolution Access businesses and certain other Nortel assets. RIM believes that such an offer would result in an extremely attractive price for Nortel creditors and value substantially in excess of the stalking horse bid made by Nokia Siemens Networks.
The assets being sold are Nortel’s CDMA and Long Term Evolution Access businesses. In its CDMA and Long Term Evolution Access businesses, Nortel develops current and next generation technology for wireless infrastructure and mobile devices.
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