“The saga of BlackBerry Inc. continued to draw attention from investors Monday, as the troubled smartphone company called off plans to sell itself and replaced Chief Executive Thorsten Heins,” Rex Crum reports for MarketWatch. “BlackBerry shares plunged more than 17%, to $6.46 in afternoon trading, after the company said a deal to sell itself to a major shareholder, Fairfax Financial Holdings, had fallen through.”
“Instead, BlackBerry said it will sell $1 billion worth of convertible bonds to Fairfax,” Crum reports. “BlackBerry also said it has replaced Heins as CEO with former Sybase CEO John Chen.”
“Fairfax had until Monday to finalize the financing of a $4.7 billion deal to acquire BlackBerry,” Crum reports. “No other bidders stepped up with a counteroffer for the Canadian smartphone company.”
Read more in the full article here.
MacDailyNews Take: Heins failed his only mission, to sell off the corpse.
So, Thorsty, who’s old news, now? (smirk)
Maybe Chen can figure out how to bury the Apple roadkill once and for all.
Apple should buy BlackBerry and sell lower-priced iOS-powered phones and tablets under the BlackBerry brand – November 4, 2013
Apple recruits employees from beleaguered BlackBerry – October 10, 2013
Beleaguered BlackBerry hit with shareholder class action lawsuit for misrepresenting state of company – October 5, 2013
Beleaguered Blackberry reports $965 million second quarter loss – September 27, 2013
T-Mobile USA stops stocking beleaguered BlackBerry’s phones – September 26, 2013
Amateur hour is over: Beleaguered BlackBerry sold to Fairfax Financial-led consortium – September 23, 2013
Beleaguered BlackBerry’s CEO calls Apple’s iPhone old news – March 18, 2013