BlackBerry Ltd signs letter of intent ( “LOI“) consortium with Fairfax Financial. BlackBerry agrees to be sold for $4.7 billion with condition of each share gets $9 per share. Fairfax intention to make the company private.
BlackBerry Ltd, a brand of Research In Motion Limited (RIM) and global leader wireless innovation. It was introduced in 1999 and founded on 1984 in Waterloo, Ontario. Blackberry listed on NASDAQ (NASDAQ: BBRY) and the Toronto Stock Exchange (TSX: BB).
BlackBerry released press containing following summaries.
BlackBerry enters into letter of intent with consortium led by Fairfax Financial
- BlackBerry shareholders would receive U.S. $9 per share in cash
- Transaction valued at approximately U.S. $4.7 billion
- Consortium permitted 6 weeks to conduct due diligence
- BlackBerry entitled to go-shop during due diligence period, subject to payment of a termination fee in the event alternative offer accepted
~~~ Official Press Release on Blackberry
Fairfax owns approximately 10% shares of BlackBerry’s shares. Prem Watsa the founder, chairman, and chief executive officer of Fairfax Financial said in statement that “We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world.”
When press release on the website of Blackberry, the news become top news in technology. BlackBerry share’s hike by 3% in NASDAQ (NASDAQ: BBRY). It is clear that Prem Watsa want to make BlackBerry private base company to deliver better solution to peoples. The Due Diligence of BlackBerry agreement with Fairfax expected to complete till first week of November. We can hope that from now BlackBerry can be leader in smartphone technology.
TheNextDigit gives best wishes to Fairfax Financial for the betterment of company.