Posts by Carmi Levy
- Carmi Levy at Dashboard9 mths ago
BlackBerry’s future took a decidedly radical turn Monday morning amid reports that Fairfax Financial Inc. would not proceed with plans to take the company private and Thorsten Heins was out as CEO.
The reports also indicate Heins, who took over from co-CEOs Mike Lazaridis and Jim Balsillie in January 2012, has also been let go as the company halts its campaign to find a buyer and instead plans to raise $1 billion in capital. A number of board members are also reportedly heading for the exits.
Fairfax had tendered a letter of intent September 23rd that outlined a US$4.7 billion – or $9 per share – bid for the Waterloo-based smartphone maker. The terms of the tentative offer included a six-week due diligence period that, in addition to giving Fairfax enough time to examine the books, also allowed BlackBerry to seek additional offers. That six-week period ended today, with intense speculation building in recent days over who else might step forward.
- Carmi Levy at Yahoo Finance Canada10 mths ago
UPDATED: Former Apple blight CEO John Sculley is also now reportedly mulling a bid for BlackBerry. See below how the "longtime BlackBerry fan" stacks up against Waterloo's other big-name suitors. Call me sentimental, but I love BlackBerry and want the best for her. I’m like a lot of Canadians: protective of our mobile-tech starlet, even though she's coming off a two-year lurch that’d make bald Britney blush. My admiration has survived embarrassments: the plummeting share price, warehouses full of unsold devices, “global creative director Alicia Keys,” and the panicky full-page ad claiming, “You can continue to count on us.” BlackBerry’s got talents, but it’s clear avoiding trouble isn’t one. And now come hard decisions about the future. Analysts agree that if she’s going to survive in anything like her current shape, BlackBerry needs to find a corporate buyer. Marriage is the only way out of this mess. The good news is there’s interest. Fairfax Financial broke the ice in September with a letter of intent proposing a US$4.7 billion takeover. And other big-name suitors—Google, Samsung, and Lenovo, among others—loiter in the wings, making calculations. The bad news is BlackBerry is desperate. Which is why I’m concerned. Not all of these guys have the best intentions. Some of them are downright mean. I want BlackBerry to find true love, but I worry she might find something more, ahem, transactional. Here's what I make of BlackBerry’s current crop of 10 suitors.