OSC gives Mosaid until Nov. 1 to find white knight

Mosaid Technologies Inc.'s potential white knight will have to hurry.

On Wednesday, Mosaid 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.

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 bid to go live.