BlackBerry buyer comes forward
A potential buyer of embattled smartphone maker BlackBerry has come forward.
Toronto based Fairfax Financial Holdings has offered to buy BlackBerry Ltd. It's offering $9 U.S. cash for each share it doesn't already own, in a friendly deal that values BlackBerry at around $4.7 billion U.S. Fairfax already owns roughly 10 per cent of the company, BlackBerry's largest shareholder.
The BlackBerry board of directors has approved the terms of the letter of agreement.
Last week, BlackBerry announced more than 4.500 layoffs. That, coupled with the company forced to delay the implementation of its BB Messanger for Android and iOS devices, resulted in BlackBerry stock plummeting 16%.
More to come.