An Interest In:
Web News this Week
- April 17, 2024
- April 16, 2024
- April 15, 2024
- April 14, 2024
- April 13, 2024
- April 12, 2024
- April 11, 2024
BlackBerry enters agreement for $4.7 billion sale of company to consortium led by Fairfax Financial
For the second time in as many trading days, shares of BlackBerry were halted in advance of some big news from the company. Today's news is no less big. BlackBerry has just announced that it's signed a letter of intent agreement for a sale of the company for $4.7 billion to a consortium led by Fairfax Financial (the company's largest shareholder). Pending due dilligence that's expected to be completed by November 4th, the deal would see BlackBerry go private, with shareholders each receiving $9 per share in cash. In a statement, Fairfax Chairman and CEO Prem Watsa said, "we believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees," adding, "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."
While BlackBerry CEO Thorsten Heins has yet to offer any public comment on the news, the chair of BlackBerry's Board of Directors, the Barbara Stymiest, drew attention to that due dilligence period in her statement, saying that "the go-shop process provides an opportunity to determine if there are alternatives superior to the present proposal from the Fairfax consortium."
Developing...
Filed under: Cellphones, Mobile, Blackberry
Source: MarketWatch
Original Link: http://www.engadget.com/2013/09/23/blackberry-enters-agreement-for-4-7-billion-sale/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget&nci
Engadget
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WIMore About this Source Visit Engadget