BlackBerry to be acquired by a group led by Fairfax Financial
BlackBerry agreed in principal Monday to
be acquired by Fairfax Financial, a Canadian insurance company, for $9 a
share in a deal worth $4.7 billion in US dollars.
Trading in BlackBerry was halted before the announcement. When it resumed at 2 p.m. EDT, the stock jumped as much as 5 percent before retreating slightly. Prior to the announcement shares in the troubled smartphone maker company were down more than 5 percent.
Fairfax Financial, sometimes called the Berkshire Hathaway of Canada, is a holding company whose primary business is in insurance. Fairfax is also BlackBerry's largest shareholder.
Trading in BlackBerry was halted before the announcement. When it resumed at 2 p.m. EDT, the stock jumped as much as 5 percent before retreating slightly. Prior to the announcement shares in the troubled smartphone maker company were down more than 5 percent.
Fairfax Financial, sometimes called the Berkshire Hathaway of Canada, is a holding company whose primary business is in insurance. Fairfax is also BlackBerry's largest shareholder.
BlackBerry to be acquired in $4.7 billion deal
BlackBerry has entered into a
letter of intent with consortium led by Fairfax Financial. CNBC's John
Carney, and JJ Burns, president and CEO of JJ Burns & Company,
discuss.
The press-shy Watsa has long been a supporter of BlackBerry, and his name has been linked with a potential buyout for months.
original site
http://www.cnbc.com/id/101054768
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