Fairfax Moved Towards Large Canadian Investment Funds for Blackberry Ltd
BlackBerry Ltd (NASDAQ:BBRY)’s largest shareholder has moved towards several large Canadian investment funds concerning a deal to take the smartphone maker private, but the plan is still cloistered. The shareholder, Fairfax Financial Holdings Ltd, has a 10 percent stake, and its chairman and chief executive, Prem Watsa, has already left the board of BlackBerry to evade any likely clash of interest as the company analyzes its strategic options. The source, who asked not to be named because the preliminary discussion was still private, said that along with Watsa’s Fairfax there has been an early and informal move concerning a possible deal from another investor.
The source said that the company received different calls asking if they bring some kind of plan would it consider it. Fairfax has not replied to a request for comment, and Waterloo, Ontario-based BlackBerry said it does not give argument on speculation. BlackBerry Ltd (NASDAQ:BBRY) shares fell -4.25% in current session. BlackBerry, which has released market share for its competitors including Apple Inc (NASDAQ:AAPL)’s iPhone and phones employing Google Inc (NASDAQ:GOOG)’s Android technology, declared last month that it was exploring its options which might include an outright sale. Google Inc (NASDAQ:GOOG) shares were down -0.23% in current session. Facebook Inc (NASDAQ:FB) shares were down -0.98%, and trading at $43.61.