Author Topic: BLACKBERRY sold for $4.7 Billion  (Read 714 times)

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BLACKBERRY sold for $4.7 Billion
« on: September 25, 2013, 10:05:18 pm »
BLACKBERRY sold for $4.7 Billion


BlackBerry announced today it agreed to
a $4.7 billion buyout by a consortium of investors
who plan to take the struggling Canadian
smartphone maker private.

The company said in a statement that it has
"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."

Fairfax, a Canadian firm, is already BlackBerry's
largest shareholder with approximately 10 percent
of its shares.

Under the proposed deal the consortium would
offer $9 for each outstanding share, and Fairfax
would contribute its own shares in the transaction.

BlackBerry said its board of directors said support
the plan.
A firm deal, once due diligence is completed, is
expected to be announced by November 4. It
hinges also on the consortium obtaining financing.

BlackBerry said it would continue a search for a
possibly better suitor in the interim.
On Friday, the company announced it was laying
off 40 percent of its workforce after a dismal
launch of new smartphones earlier this year.
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