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Blackberry Agrees Possible Sale ‘Blackberry in $4.7bn takeover deal with Fairfax’
Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).
Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company.
Trading in Blackberry shares was temporarily halted in New York pending the announcement.
On Friday, Blackberry announced 4,500 jobs cuts in a bid to stem losses.
The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale.
On Friday, the company announced that it had “signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence”.
The statement continued: “Diligence is expected to be complete by November 4, 2013. The parties’ intention is to negotiate and execute a definitive transaction agreement by such date.”
However, Blackberry said it was not in exclusive talks with Fairfax and would continue to “actively solicit, receive, evaluate and potentially enter into negotiations” with other potential buyers.
Canadian billionaire Prem Watsa, Fairfax’s chairman and chief executive, said: “We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.
“We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to Blackberry customers around the world.”
Posted by
MAFUPA YOKOYOKO
September 23, 2013 at 11:09 pm
Bawa ba bb… nway ifyaba business if u run it wth chimbwi no plan (CNP).
kakolwe
September 24, 2013 at 4:36 am
bb never reckoned the prowess of the ‘far east”s smartphone when both their technological strides appeared at the same time. At least Nokia learnt quicker than bb.
zemuntu
September 24, 2013 at 8:23 am
May i tek This opportunity to congratulate myself for being the third to comment. Thank u Jesus for This rare moment. The devil Is a liar. Am now dancing Alingo, kalindula, azonto.
I stopped using BB last year, went to android and i wasnt impressed with its slugishness and then went Windows 8 with the lumia family. Am now on Nokia Lumia 920 and 1020. if you want to enjoy internet on mobile phones, Lumia is the best coz its very speed( to use Gibby Mbaselaz description of Arabs football wen he said football in the arab world was very speed instead of fast).
zemuntu to change name to Sazee
September 24, 2013 at 8:24 am
May i tek This opportunity to congratulate myself for being the third to comment. Thank u Jesus for This rare moment. The devil Is a liar. Am now dancing Alingo, kalindula, azonto.
I stopped using BB last year, went to android and i wasnt impressed with its slugishness and then went Windows 8 with the lumia family. Am now on Nokia Lumia 920 and 1020. if you want to enjoy internet on mobile phones, Lumia is the best coz its very speed( to use Gibby Mbaselaz description of Arabs football wen he said football in the arab world was very speed instead of fast).Chineke oooh
Bungo Bungo man
September 24, 2013 at 11:09 am
RIP blackberry. I have no problems with the Galaxy S4. Best phone I have used so far.
Bungo Bungo man
September 24, 2013 at 11:13 am
The Apple Iphone is a sissy phone, it was created for women.
ba wiso
September 24, 2013 at 4:22 pm
samsung galaxy is my best.
Jack leisure
December 26, 2013 at 3:32 pm
BB had unique office ware widgets that have well been received by many stake holders in the world. I hope the features especially email wont be compromised by the new share holder in the quest to return revenue/profit after purchasing RIM.
Chimdala
January 8, 2014 at 3:54 pm
imwe ba low life mulelanda ati iPhone is for sis’s can you compare it to any phone, is Samsung galaxy what ever bullet proof?
the unschooled keep quiet, i am surprised at your noise…