Rejection Leaves RIM in Need of Security

BlackBerry-maker Research In Motion(RIMM Quote) has dropped its $53 million bid for Canadian security specialist Certicom(CIC.TO Quote) after an Ontario court blocked its hostile takeover.

RIM confirmed that it had pulled its bid in a statement late Tuesday, citing the Ontario Superior Court of Justice's ruling.

The court granted a permanent injunction restraining the bid earlier this week, according to a Certicom press release. The wireless security specialist had applied for the injunction, claiming that RIM had breached nondisclosure agreements entered into by the two firms in 2007 and 2008 by using confidential and proprietary Certicom information for its takeover bid. ...