Mosaid approves $590-million takeover bid

OTTAWA—Shareholders of patent licensing company Mosaid Technologies Inc., located in Ottawa,  have  approved a $590-million takeover of the company by U.S. investor Sterling Partners.

Mosaid said Monday its stockholders overwhelmingly backed the Sterling cash bid which values the Ottawa company at about $46 a share, which trumped a hostile offer from Wi-LAN, an Ottawa-based rival which had offered $531 million.

The company also said it has received U.S. regulatory approval for the deal.