TweakTown
Tech content trusted by users in North America and around the world
5,676 Reviews & Articles | 36,072 News Posts
Weekly Giveaway: Fractal Design Arc Cases Contest (Global Entry!)

BlackBerry goes private in sale to Fairfax Financial for $4.7 billion

BlackBerry will be taken private in $4.7 billion dollar deal, shareholders will receive $9 per share (NASDAQ:BBRY, OTCMKTS:FRFHF)

| BREAKING STORY News | Posted: Sep 23, 2013 8:59 pm

BlackBerry's long and tumultuous journey appears to finally be over after the company announced that it will be taken private by Fairfax Financial Holdings. The announcement was just made and the deal is said to be valued at $4.7 billion.

 

TweakTown image news/3/3/33083_1_blackberry_goes_private_in_sale_to_fairfax_financial_for_4_7_billion.jpg

 

BlackBerry will agree to pay shareholders nine dollars per share in cash, which is actually more than it is currently trading at. The consortium being led by Fairfax Financial will complete due diligence on BlackBerry's books until November 4, during which time BlackBerry can entertain and accept other offers if it chooses to.

 

Fairfax Financial is said to be seeking financial backing to complete the buyout from Bank of America, Merrill Lynch, and BMO Capital Markets. BlackBerry's decision to go this route was the direct result of a recommendation made by a special committee appointed by its board to seek alternate sales options. Unfortunately, this announcement comes too late to save the jobs of over 4500 employees that the company plans to lay off before the end of the year.

NEWS SOURCE
Marketwired.com

Related Tags

Further Reading: Read and find more BREAKING STORY news at our BREAKING STORY news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below