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BlackBerry enter takeover agreement with Fairfax Financial, end of an era

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After having its share price drop 20% within half an hour or Friday and the announcement of a nearly $1 billion quarterly loss, BlackBerry today announced that it had entered into a letter of intent agreement with Fairfax Financial Holdings to be acquired at $9 per share.

It’s the beginning of the end of an era, an era filled with QWERTY-keyboards and mobile business machines, the end of a publicly traded BlackBerry Ltd. BlackBerry has agreed into a potential takeover by its largest shareholder, Fairfax Financial, in a deal in excess of $4.7 billion, or $9 per share. Fairfax currently owns roughly 10% of BlackBerry shares. Fairfax would lead a consortium of buyers with the sole intention of taking BlackBerry private in order for it to face its struggles without the interference of shareholder.

Fairfax will first partake in a due diligence inspection, with a deal to be made thereafter, BlackBerry can still accept competing offers, although that seems highly unlikely to happen.

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Written by Dion Guillaume

September 23rd, 2013 at 6:29 pm