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WiLAN Provides Update on Offer to Acquire MOSAID
WiLAN confirms it does not intend to increase Offer
OTTAWA, Canada – October 31, 2011 – Wi-LAN Inc. (“WiLAN” or the “Company”) (TSX:WIN) (NASD:WILN) today confirmed that it does not intend to increase its $42.00 per share Offer to acquire MOSAID Technologies Inc. (“MOSAID”). The Offer will expire at 5:00 pm Eastern time on November 1, 2011.
The WiLAN Board believes that it is not in the best interests of WiLAN shareholders to increase its Offer to exceed the $46.00 per share offer made by Sterling Partners (“Sterling”) and announced by MOSAID last week in a going-private transaction.
Assuming the proposed transaction between MOSAID and Sterling is consummated; WiLAN will generate a gain of C$3.6 Million on the tender of its MOSAID shares to Sterling, which will assist significantly in defraying costs associated with the Offer.
After MOSAID has been taken private, WiLAN will be the sole remaining publicly traded patent licensing company in Canada of its size and scope.
“With a strong balance sheet, significant revenue backlog and a skilled and experienced team, we are well positioned to continue growing our business,” said Jim Skippen, Chairman and CEO. “We will continue to explore ways to deploy our capital and will continue to be prudent stewards of that capital. WiLAN’s Board and Management are more determined than ever to continue to build a global IP licensing powerhouse that will generate significant long-term value for investors.”
About WiLAN
WiLAN, founded in 1992, is a leading technology innovation and licensing company. WiLAN has licensed its intellectual property to over 255 companies worldwide. Inventions in our portfolio have been licensed by companies that manufacture or sell a wide range of communication and consumer electronics products including 3G and 4G handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL infrastructure equipment, cellular base stations and digital television receivers. WiLAN has a large and growing portfolio of more than 1400 issued or pending patents. For more information: www.wilan.com.
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