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.
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.
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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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