BlackBerry Abandons Sale Process
BlackBerry Ltd's effort to find a buyer has failed, leaving the company to attempt a hastily arranged restructuring that raises even more questions for the beleaguered smartphone maker.
The Canadian company said Monday it abandoned a tentative $4.7 billion plan to go private and instead will continue as a public company with new leadership and a $1 billion investment from a group led by major shareholder Fairfax Financial Holdings Ltd.
Executives said the financing was a way to strengthen BlackBerry as it embarks on a new strategy. "One of the things that was hurting this company is that there was a 'for sale' sign up," said Prem Watsa, the chairman of Fairfax, which owns 10% of BlackBerry and sought to take it private. "The for-sale sign is taken down. We have financing in place for the long term."
