InterDigital Fails to Find Buyer; Shares Slip
(Reuters) -- InterDigital Inc said it had failed to find any takers for the entire company, but would continue to look for buyers for its patent portfolio and enter licensing partnerships.
The past six months, although not resulting in an offer for the whole of the company, has helped to reaffirm our belief in the breadth and depth of the patent portfolio... Chairman Terry Clontz, said in a statement.
The wireless technology patent holder expects about $800 million in annual revenue from the sale and licensing deals in three to five years.
In July, InterDigital said it was looking at a possible sale of the company or its patents, just weeks after a consortium of technology giants including Apple Inc and Google bought bankrupt Nortel Networks' patents for $4.5 billion.
In August, Apple, Nokia , Qualcomm Inc and several other technology companies were pondering bids for InterDigital.
InterDigital said it has more than 19,500 patents and patent applications and has received nearly $3 billion in royalties from 2G and 3G licenses through December 31, 2011.
The company makes most of its money from licensing its patented technology and from damages it wins in patent lawsuits.
InterDigital also reported preliminary fourth-quarter earnings of $21 million, or 46 cents a share, and revenue of $74.2 million.
Analysts, on an average, are expecting earnings of 37 cents a share on revenue of $73.1 million, according to Thomson Reuters I/B/E/S.
Shares of the Pennsylvania-based company were trading down 16 percent at $37.28 on Monday after the bell. They closed at $44.45 on the Nasdaq.
(Reporting by Rachana Khanzode in Bangalore; Editing by Roshni Menon)
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