Finally, BlackBerry Limited today announced 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.
Barbara Stymiest, Chair of BlackBerry’s Board of Directors, said: “The Special Committee is seeking the best available outcome for the Company’s constituents, including for shareholders.
Prem Watsa, Chairman and CEO of Fairfax, 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.”
Under the deal announced Monday, the consortium will acquire all of the outstanding shares of BlackBerry not held by Toronto-based Fairfax, which owns approximately a 10 per cent of the Waterloo, Ont.-based company. Blackberry has been going through some rough times lately and it is a shame to see that the company which was responsible for bringing modern communication to the world is being traded at so less, of course as is usually the case with deals like this, today’s agreement is subject to approval by the BlackBerry board.
Barbara Stymiest, Chair of BlackBerry’s Board of Directors, said: “The Special Committee is seeking the best available outcome for the Company’s constituents, including for shareholders.
Prem Watsa, Chairman and CEO of Fairfax, 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.”
Under the deal announced Monday, the consortium will acquire all of the outstanding shares of BlackBerry not held by Toronto-based Fairfax, which owns approximately a 10 per cent of the Waterloo, Ont.-based company. Blackberry has been going through some rough times lately and it is a shame to see that the company which was responsible for bringing modern communication to the world is being traded at so less, of course as is usually the case with deals like this, today’s agreement is subject to approval by the BlackBerry board.
