Tendering their shares to MOSAID's cross-town rival before the Sept. 28 deadline would "short circuit" efforts by the company to find a better option, said Mr. Lindgren.
Speaking at the company's annual general meeting at the Brookstreet Hotel Thursday, Mr. Lindgren reiterated that MOSAID was "actively exploring a broad range of alternatives" to deliver "substantially more value" to shareholders than WiLAN's $38-per-share offer.
He said he was unable to provide any details about the alternatives under consideration.
"A lot of the parties we are engaged with want to keep it confidential," Mr. Lindgren said in an interview after the meeting.
"We are not leaving any option off the table. I can't mention specifics, but all logical alternatives are being pursued."
MOSAID and WiLAN officials have engaged in a war of words since the latter launched its hostile takeover bid in August. MOSAID said the offer undervalues the company and recommended its shareholders reject the offer. Mr. Lindgren repeated suggestions Thursday that the 36-day window was "opportunistic."
"That is just not enough time to pursue these other alternatives and show shareholders that there are better options out there," he said.
He also took a shot at the "misinformation" he accused WiLAN of spreading about the value of Core Wireless Licensing S.a.r.l., a company MOSAID acquired for earlier this month for just under US$20,000 that holds approximately 2,000 Nokia Oyg patents.
WiLAN argued the acquisition "is not attractive from a financial or business perspective" because MOSAID must fund all the costs of monetizing the portfolio, while only receiving a third of the revenues.
For its part, MOSAID said it will cost between $8 million and $15 million to operate the licensing program annually, but that it "conservatively" estimates it will generate billions of dollars in royalty payments.
"This (acquisition is) a transformative event," said Mr. Lindgren in his presentation.
"MOSAID now owns one of the industry's largest and strongest standards-essential wireless patent portfolios. Ownership of this portfolio establishes MOSAID as a major licensor in the mobile device
Separately, the company also announced plans to launch two new licensing programs over the next year in Flash memory and semiconductor device manufacturing.