RIM blocked from purchasing Nortel Wireless Unit
Apparently Research IN Motion wants to purchase Nortel’s Wireless Unit for $1.1 billion but according to an article on intomobile that purchase has now been blocked.
Now why would RIM want Nortel’s assets? Well mainly because RIM is after their CDMA and LTE intellectual property and offered $1.1 billion for the privilege which is far more than the offer of $650 million from Nokia.
As part of the deal RIM would not submit any offers for other Nortel assets for a year’s term, but for some reason Nortel rejected the cash saying RIM refused to comply with the court approved procedures, however Nortel is willing to give RIM the opportunity to take part in the auction.