Mosaid Technologies Inc.'s potential white knight will have to hurry.
On Wednesday, Mosaid (MSD-T40.461.814.68%) urged regulators to let the company's poison pill stand until Nov. 11 as the company sought a bid to rival a hostile $480-million offer from Wi-Lan Inc.
Mosaid said that it had a private equity firm potentially willing to make a superior offer, but the suitor needed four to six weeks to do due diligence and get a deal together.
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The bidder will have to make do with a little less than three weeks. Late in the day, the Ontario Securities Commission ruled verbally that the poison pill will be tossed out as of Nov. 1, allowing the Wi-Lan (WIN-T6.340.203.26%) bid to go live.
