BlackBerry calls off sale, will replace CEO

It is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors.

By MSNMoney partner Nov 4, 2013 9:51AM
Reuters

BlackBerry is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, including its largest shareholder, the smartphone maker said Monday.

Shares of BlackBerry dropped 19 percent to $6.33 in premarket trading. The company will raise the money with a private placement of convertible debentures.

BlackBerry's largest shareholder, Fairfax Financial Holdings Ltd, will take up $250 million of the debentures.

Fairfax announced a tentative $9-a-share offer for the Waterloo, Ontario-based company in late September. But Reuters said on Friday that Fairfax was struggling to finance the $4.7 billion bid.
2Comments
Nov 4, 2013 12:43PM
avatar
Good! I love blackberry products, I'd like to see them continue on. Also it's nice to not have an iPhone monopoly out there.
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