BlackBerry announced today that it has signed a letter of intent with a group led by Fairfax Financial. The deal if take agreed upon will lead to BlackBerry shareholders receiving $9 per share in cash, while the transaction will be valued at approximately $4.7 billion in total. The consortium would acquire for cash for the entire outstanding share of BlackBerry which was earlier not held by Fairfax. Fairfax owns 10 percent of BlackBerry’s common shares as of now.
Barbara Stymiest, Chair of BlackBerry’s Board of Directors, said: “The Special Committee is seeking the best available outcome for the Company’s constituents, including for shareholders. Importantly, the go-shop process provides an opportunity to determine if there are alternatives superior to the present proposal from the Fairfax consortium.”
BREAKING: BlackBerry in letter of intent with group led by Fairfax Financial $BBRY
— Bloomberg TV (@BloombergTV) September 23, 2013