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Embattled BlackBerry receives $4.7B acquisition offer

Posted: 25 Sep 2013 ?? ?Print Version ?Bookmark and Share

Keywords:smartphone? tablets? acquisitions?

On the heels of announcing its preliminary second quarter fiscal 2014 results, BlackBerry confirmed that it has received an acquisition offer from Fairfax Financial Holdings to the tune of $4.7 billion. The deal would give BlackBerry shareholders $9 in cash for each share while handing Fairfax, which already holds ten per cent, full control of the once formidable telecommunications giant.

In line with the company's restructuring plans, BlackBerry also announced it will let go of roughly 4,500 employees in hopes of halving operating expenses by end of 2015 fiscal year.

BlackBerry specified in its financial report that it will refocus efforts to offering end-to-end solutions, including hardware, software and services to the enterprise market. It will also reduce its smartphone portfolio from six to four enterprise-centric devices in all-touch and QWERTY models. "Our enterprise business continues to reflect the trust that governments and businesses have placed in the BlackBerry platform," said Thorsten Heins.

Fairfax still has six weeks before the deal is finalised. BlackBerry is entitled to consider other bids but is subject to payment of a termination fee in the event alternative offer is accepted.

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