TORONTO — BlackBerry has agreed to sell itself for $4.7
billion to a group led by largest shareholder, Fairfax.
BlackBerry said Monday that a letter of intent has been
signed and its shareholders will receive $9 in cash for each share.
Fairfax head Prem Watsa is a former board member who owns 10
percent of BlackBerry. Watsa stepped down when BlackBerry announced it was
considering a sale last month. The billionaire is one of Canada’s best-known
value investors.
Trading of the company’s stock was halted ahead of the news.
BlackBerry shares plunged after the company announced Friday a loss of nearly
$1 billion and layoffs of 4,500 workers.
The BlackBerry, pioneered in 1999, was once the dominant
smartphone for on-the-go business people and other consumers before Apple’s
iPhone debuted in 2007.
No comments:
Post a Comment