NEW YORK (
) - Shares of
fell sharply in Monday's extended session after the company said it's ended its strategic review after six months without receiving an acquisition offer.
"The process over the past six months, although not resulting in an offer for the whole of the company, has helped to reaffirm our belief in the breadth and depth of the patent portfolio, the strength of the R&D team, and our technology vision for the future," said Terry Clontz, the company's chairman, in a press release. "The Board believes the company and its shareholders are best served by our continued focus on the development of wireless technologies, and the monetization of those assets through vigorous and comprehensive patent licensing and sales efforts."
King of Prussia, Pa.-based InterDigital has received more $3 billion in royalties from 2G and 3G licenses as of the end of 2011, and the company believes it has what it refers to as an "$800 Million sustainable annual revenue opportunity in three to five years," according to the press release.
There were rumors that companies such as
were interested in InterDigital.
had been another name previously mentioned as an acquirer, but it is currently in the process of
, largely for its patent portfolio.
Shares of InterDigital were last quoted at $37.50, down 15.6%, on volume of 1.5 million, according to
The company also reported its preliminary fourth-quarter results after the close, posting net income of $21 million, or 46 cents a share, on revenue of $74.2 million for the three months ended Dec. 31.
Interested in more on InterDigital? See TheStreet Ratings' report card for
Check out our new tech blog,
Written by Chris Ciaccia in New York
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to: