The stakes are high for RIM. Strong smartphone sales helped boost the company's recent third-quarter earnings and the Waterloo, Ontario-based firm is locked in an arms race with its rivals Apple ( AAPL), Nokia ( NOK) and Palm ( PALM).

Certicom is also openly canvassing other suitors, which could increase the pressure on RIM. Last month, for example, Certicom granted a number of un-named parties access to its 'data room' in an attempt to drive up its valuation. "The information provided in the data room is intended to facilitate offers reflecting the fair value of Certicom from interested parties," it said, in a statement.

Potential bidders for Certicom, according to The Wall Street Journal, could include IBM, Qualcomm ( QCOM), Microsoft ( MSFT), EMC and Sony ( SNE), which is embroiled in a patent dispute with the security specialist.

Despite the derailment of its Certicom takeover, RIM shares advanced with the broader tech market Wednesday. The smartphone manufacturer's stock closed up $2.98, or 6%, to reach $52.91 as the Nasdaq climbed 4.6%.

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