Tuesday, March 20, 2018
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Intel and Facebook Unveil Next Generation OCP Twin Lakes 1S Server
Facebook to Respond to FTC Questions Over Cambridge Analytica Case
AMD to Fix 13 processors Vulnerabilities Reported by CTS Labs Research
Microsoft Announces Project Denali SSD For Cloud-scale Applications
Microsoft Previews Windows Server 2019
Marvell Introduces New NVMe Switch and SSD Controllers
Google Focuses on News Publishers With New Initiative
Lite-On to Unveil New NVRAM Hybrid Solid-State Drive at OCP 2018
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 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
BlackBerry and Microsoft Partner to Secure Mobile Workforce
BlackBerry Sues Facebook, WhatsApp, Instagram Over Patent Infringement
BlackBerry Jarvis Will Protect Your Connected Car
CES: TCL Promises to Launch More BlackBerry Phones This Year
BlackBerry, Baidu Partner on Driverless Car Software
BlackBerry Ends Support for Priv, Talks About the Future of BB10
BlackBerry and Qualcomm Extend Relationship to Deliver Automotive Platforms for Vehicles
BlackBerry to Pay Nokia $137 Million in Contract Dispute
BlackBerry Signs License Deal with BLU
All-touchscreen BlackBerry Motion is Official
Software Sales Fuel BlackBerry's Profit
BlackBerry Enters Self-Driving Car Partnership With Delphi

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2018 - All rights reserved -
Privacy policy - Contact Us .