Cleary Gottlieb represented the underwriters, led by Lehman Brothers and Merrill Lynch, in Research In Motion Ltd.’s $945 million registered offering of common stock. The underwriters exercised their over-allotment option in full on the first day of trading, and the offering and over-allotment closed today.
RIM, maker of the ubiquitous BlackBerry, plans to use the proceeds for general corporate purposes, including possible acquisitions. Although RIM earned 75% of its current year revenues in the US, it is aggressively expanding its European business. The offering, priced at $78.25 per share, capitalizes on a recent increase in the share price, which was as low as $10.76 on NASDAQ during the past 6 months.