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Wi-Lan Inc. (WIN-T) said on Monday it has no plans to sweeten its hostile takeover bid for rival patent licensing firm Mosaid Technologies (MOS-N) after U.S. private equity firm Sterling Partners topped its $532 million offer last week.
Mosaid agreed to be acquired by Sterling for $590 million, or $46 a share, it said late on Thursday.
"It's been long enough, there's other fish in the sea," Wi-Lan spokeswoman Kathryn Hughes said in a phone interview on Monday. "We're just moving right along."
Hughes did not rule out talking to Sterling at some point in the future about an eventual merger or partnership, and said Wi-Lan retains an appetite for acquisitions to sustain growth.
Wi-Lan Chief Executive Jim Skippen had said back in August that a tie-up between the two companies would create a powerful force able to extract lucrative licensing deals out of the world's most powerful technology companies.
Wi-Lan said it would make $3.6 million by tendering its Mosaid shares to Sterling's deal, which is expected to close by early next year. That windfall will not fully cover Wi-Lan's costs in chasing after its Ottawa neighbor.
The terms of the Sterling-Mosaid deal, which included a $22 million break fee, made the cost of a counter-offer by Wi-Lan difficult to justify.
Coupled with that, Sterling had the blessing of crucial Mosaid partners Nokia and Microsoft, who recently handed the firm some 2,000 patents to license on their behalf. Mosaid would receive a one-third cut on any deals but would shoulder the costs of any litigation.
Wi-Lan said it did not get access to Mosaid's data room at any point during the process, something that may have hampered its ability to accurately assess the value of the patents.
The company has around $200 million cash on hand and had raised $230 million more by selling convertible debentures to fund its Mosaid bid. It must now pay back that loan with interest by the end of January.