Full FeedRIM shut out of Nortel Network wireless auction
Today, July 24, 2009, is the auction day in New York for Nortel Network’s wireless unit. Nokia Siemens Networks, Ericsson, and private equity firm MatlinPatterson Global Advisers, are all bidding for Nortel’s wireless assets. Research in Motion (RIM) had hoped to be part of the auction, but Nortel blocked its $1.1 billion offer based on bid conditions set for all bidders. By comparison, the bids submitted by the others range from $650 to $730 million. So, why did RIM’s proposed bid, which is considerably higher than the others, get blocked?
In particular, Nortel said that RIM failed to sign non-disclosure agreements intended to protect Nortel’s wireless intellectual property. RIM claimed the agreements would have barred it from bidding on other Nortel units for a year, but Nortel has said that RIM could have still made such bids under Nortel’s consent. RIM is still looking for way to acquire the wireless unit and may voice its objections to the auction process at a hearing on July 28.
Read: [National Post] [Vancouver Sun] and [Reuters]
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