BlackBerry to be acquired by Fairfax group in $4.7 billion deal - Times of India

TORONTO: Smartphone maker BlackBerry Ltd said on Monday it agreed in principle to be acquired by a consortium led by its biggest shareholder, Fairfax Financial Holdings Ltd, for $4.7 billion. Fairfax, led by Canadian investor Prem Watsa, owns 10 percent of BlackBerry. It has offered to pay $9 a share in cash for the Canadian company, which last week said it expected to report a quarterly loss of nearly $1 billion, along with far weaker sales than analysts had expected. "We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering sup erior and secure enterprise solutions to BlackBerry customers around the world." Watsa said in a statement. Shares in BlackBerry had plunged since Friday, when the company warned of a sharp drop in revenue and massive job cuts. The group has until November 4 to conduct due diligence. The stock was trading up 27 cents at about $9 on Nasdaq after being halted earlier on Monday. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE369WduYvZuKdNCH4vVjfY8U3RhA&url=http://timesofindia.indiatimes.com/tech/tech-news/hardware/BlackBerry-to-be-acquired-by-Fairfax-group-in-4-7-billion-deal/articleshow/22952133.cms

Put the internet to work for you. via Personal Recipe 2910127