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Mosaid Technologies (MSD-T) said on Thursday it would finish its review of a $480-million hostile takeover bid from rival Wi-Lan (WIN-T) by September 7, and asked shareholders to take no action before then.
Ottawa-based Mosaid, a holder of semiconductor patents, said a preliminary review showed the offer was opportunistic and undervalued the company.
"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," the company said in a brief statement.
Wi-Lan's unsolicited offer expires on September 28.
Also on Thursday, Mosaid reported fiscal first quarter revenue of $18.3 million, compared with $18.5 million in the year-before quarter.
The company, whose revenue is derived from intellectual property agreements, forecast full-year revenue of between $85 million and $90 million.
It said it saw adjusted net income for the fiscal year of $24.6 million to $26.1 million, or $2.00 to $2.12 a share.
Wi-Lan, which makes money by developing and licensing intellectual property for the communications and consumer electronics markets, offered $38 a share for Mosaid last week, underscoring the global race for technology patents to use as weapons in litigation and cross-licensing.
Both Wi-Lan and Mosaid develop and acquire patents with the main aim of winning licensing deals from companies that use the technology, rather than using the intellectual property in their own products.
WiLan has approached Mosaid about a takeover several times over the last few years.