wordpress blog stats
Connect with us

Hi, what are you looking for?

BlackBerry Gets $4.7B Buyout Offer From Fairfax Consortium

Beleaguered handset maker BlackBerry has announced that it has signed a letter of intent agreement to receive a buyout offer by a consortium led by Fairfax Financial Holdings Limited. The consortium intends to take the company private subject to due diligence, negotiation and execution of a definitive agreement and customary regulatory approvals. As per the agreement, all BlackBerry shareholders will receive $9 in cash for each BlackBerry share, in a transaction valued at around $4.7 billion. Fairfax currently owns 10% of BlackBerry's common shares and the consortium intends to acquire all the outstanding BlackBerry shares not held by Fairfax for cash. BlackBerry noted that it has also received the board approval for this transaction. The due diligence is expected to be completed by November 4, 2013, by which the consortium intends to negotiate and execute a definitive transaction agreement. Note that Fairfax does not have financing for this agreement yet and it is seeking investment from Bank Of America (BofA) Merrill Lynch and BMO Capital Markets for this transaction. It has also not disclosed other members of the consortium. BlackBerry Open To Look For Alternative Deals: During the due diligence period, BlackBerry can request, receive, evaluate and potentially enter into negotiations with other parties for alternative proposals, but the Fairfax consortium also has the right to match the offer. If BlackBerry does back out from the deal and accepts a rival offer, it would have to pay a termination fee of $0.30/share to Fairfax, however it doesn't have to pay anything if the…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The FIR has been filed with the Cyber Crime Cell of the Mumbai Police against an undisclosed person under sections of the Indian Penal...

News

Paytm streamlines UPI services, transitioning users from Paytm Payments Bank to four major PSP banks after NPCI green light.

News

The blog post claims that the model is competitive with existing frontier multimodal models and even outperforms others in real world spatial analysis. 

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ