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.
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.