Resolution: When you configure SSL in a BW Send HTTP Request and SOAP R/R activity, there is an option named "Verify Host Name". If it is enabled, a BW client will check the host name in the HTTP endpoint URL against the CN field in the certificate sent from the server. The two values have to be an exact match.
If you use a wildcard ('*') in the CN name and you want to verify the host name, the two requirements contradicts each other. As a workaround you can disable "Verify Host Name". The SSL connection will be established. At the application level you can check the host name against your own criteria.