Proposed Verisign acquisition finds a better deal
Less than a month after being announced, VeriSign’s proposed acquisition of content-protection supplier Certicom has been terminated after the Canadian company said it found a better deal elsewhere.
On January 23, VeriSign announced an agreement between the companies under which VeriSign was to buy all the outstanding shares of Certicom for about $73 million, or approximately $2.10 per shares when the deal was announced.
Certicom paid VeriSign a termination fee of $3.3 million, worth $4 million in Canadian dollars. (Remember when the U.S. dollar was worth more than the Canadian one? The last time it was worth more than a penny more was May.)
Subscribe via RSS all feeds
ummmm, if 3.3 million US dollars is worth 4 million CA the US dollar is worth more!!! About 17.5% more. The Canadian dollar dropped below the US dollar months ago.
Very red-faced here. Thanks Justin for the correction, that was pretty dumb of me. I misinterpreted a Bloomberg screen I consulted. Me very bad.