Mosaid investors OK poison pill amid Wi-Lan bid

* Mosaid fending off C$480 mln Wi-Lan offer

* Offers little detail on possible alternatives

Sept 22 (Reuters) - Shareholders of Mosaid Technologies (MSD.TO: Quote, Profile, Research, Stock Buzz), a patent licensing company fending off a hostile C$480 million ($466 million) bid from rival Wi-Lan (WIN.TO: Quote, Profile, Research, Stock Buzz), voted on Thursday in favor of retaining a poison pill defense.

They also agreed to allow a two-for-one split of the company's shares at Mosaid's annual general meeting, held in Ottawa. The poison pill, or shareholder rights plan, was last approved in 2008 and was widely expected to be retained.

Mosaid management and board provided scant additional detail on its exploration of alternatives to the C$38 a share bid from patent licensing company Wi-Lan, which they said significantly undervalues Mosaid.

"We can tell you discussions are active and ongoing with a number of interested parties regarding a range of potential alternatives," Chief Executive John Lindgren said at the meeting, which was made available via webcast.

Subsequent to Wi-Lan's bid, Mosaid said it had bought wireless patents from Nokia (NOK1V.HE: Quote, Profile, Research, Stock Buzz) and has asked its investors for time to prove the worth of these patents, which it deems "transformative". [ID:nN1E787226]

Mosaid added three new directors to its board, including John Veschi, former chief intellectual property officer at Nortel Networks (NRTLQ.PK: Quote, Profile, Research, Stock Buzz), who played a major role in the $4.5 billion sale of the bankrupt tech company's patent portfolio in July.

Mosaid's slate of seven directors was appointed without challenge.

($1=$1.03 Canadian) (Reporting by Alastair Sharp in Toronto; editing by Rob Wilson)