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Mosaid Technologies Inc. (MSD-T) asked its shareholders not to tender their shares to Canadian patent-holding peer WiLan Inc. (WIN-T), which made a roughly $480 million unsolicited bid for the company in August.
WiLan's $38 a share offer, which was at a 20-percent premium at the time of the bid, is inadequate and highly opportunistic, Mosaid said in a statement.
"By keeping its bid open for just 36 days ... WiLan has opportunistically compressed the time frame in which Mosaid, its shareholders and other interested parties might consider alternatives," the company said in a statement.
Mosaid, which recently bought wireless patents from Nokia and Microsoft, said earlier this month it was approached by, or was in talks with, several third parties to counter WiLan's offer.
On Thursday, Mosaid shareholders voted in favor of retaining a poison pill defense, and also agreed to allow a two-for-one split of the company's shares.
"We urge shareholders not to cut this process short by tendering to WiLan's inadequate bid," Mosaid's chairman Carl Schlachte said.