Tuesday, October 13, 2015
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Canon Debuts EOS M10, GX 5 and GX 9 Cameras
LG Electronics Applies For The 'G Pay' Trademark
Samsung Maintains Highest DRAM Market Share in Q2
Toshiba Introduces Windows 10 dynaPad Tablet, dynabook Notebooks
Google Releases Cardboard SDK
Latest Windows 10 Build Integrates Skype Messaging, Adds New Features
Qualcomm Sells Vuforia AR Business to PTC For $65 million
HyperX Releases Cloud Mav Edition Headset
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 Home > News > Mobiles > No sale...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, November 04, 2013
No sale For Blackberry, Company Receives $1 Billion Investment

BlackBerry is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, the company said on Monday.

The smartphone maker announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited and other institutional investors will invest in BlackBerry through a U.S. $1 billion private placement of convertible debentures. Fairfax has agreed to acquire U.S.$250 million principal amount of the debentures. BlackBerry said the subordinated debentures would be convertible into common shares at $10 and have a seven-year term.

Fairfax, a Toronto-based investment firm, had until 5 p.m. today to come forward with a more definitive offer for the Canadian smartphone maker, following the preliminary takeover proposal it made six weeks ago. But is seems that the company had been struggling to attract the financing for the initial $4.7 billion deal.

BlackBerry kicked off the bidding process in August when it said it would consider selling the company as part of a strategic review.

"The BlackBerry board conducted a thorough review of strategic alternatives and pursued the course of action that it concluded is in the best interests of BlackBerry and its constituents, including its shareholders," Barbara Stymiest, the company?s chairman, said today in the statement. "This financing provides an immediate cash injection on terms favorable to BlackBerry, enhancing our substantial cash position."

John Chen will be appointed executive chairman and will be interim CEO while the company looks for a new leader. He is the former CEO of Sybase, a database software company that SAP AG acquired in 2010.

Blackberry expects the transaction to be completed within the next two weeks. The closing of the transaction is subject to customary conditions, including approval from the Toronto Stock Exchange.

Seperately, BlackBerry today introduced the new BlackBerry Z30 smartphone in Spain.

The all-touch smartphone is featuring BlackBerry 10 OS version 10.2, a 5" display and the largest battery ever on a BlackBerry smartphone.

Cloud Imperium, Eidos-Montreal and Oxide Adopt AMD's Mantle Graphics API        All News        US Data Spying is "Outrageous": Schmidt
LG Loans Android Devices To Developers     Mobiles News      Motorola Moto G Coming November 13

Get RSS feed Easy Print E-Mail this Message

Related News
Official Images Of PRIV by BlackBerry
Blackberry To Release 'Priv' Android Phone
BlackBerry To Buy Rival Good Technology
BlackBerry To Buy AtHoc
BlackBerry Gets New Domain Names As It Flirts With Android
BlackBerry Reports High Quarterly Software Revenue
BlackBerry May Release Android Phone
BlackBerry 10.3.2 and BlackBerry Blend 1.2 Coming to All BlackBerry 10 Devices
BlackBerry Cuts Jobs Worldwide
T-Mobile And Blackberry Make Peace, BlackBerry Classic Now Available
BlackBerry Advances Security of Mobile and Internet of Things
BlackBerry To Buy WatchDox to Bolster Mobile Content Security

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .