BlackBerry’s Research In Motion is offering to buy out Certicom for $1.50 a share or $52.5 million, but today the company’s board of directors is advising the shareholders against it because the bid is “significantly undervalued, opportunistic and not in the best interests of Certicom shareholders.” In a letter sent to shareholders, it says the offer is lower than the company’s assets, including cash holdings; it undervalues the company’s intellectual property; and undervalues the company’s new strategic plans. Certicom, which makes encryption software and hardware security systems, counts RIM (NSDQ: RIMM) and the National Security Agency as customers. Release.

SEE ALSO: RIM Wants To Buy Encryption Software Firm Certicom For $52.5 Million