Fairfax gets $157 million as a break-up fee if BBRY sells itself to someone else for more money. If it inks a firm deal between Fairfax and BBRY then the break-up fee goes up to $256 million. I am curious why Fairfax hasn't locked this up yet to guarantee the extra $100 million... unless the media reports are true that it cannot arrange the financing. On the other hand, I am curious why other potential bidders have not put in a firmer bid thereby saving the extra $100 million... unless there really isn't serious interest. The days are counting down.
I am still hoping Cerberus comes in with a firm offer. Maybe it is waiting to see if the Fairfax deal falls through and the price drops then it can buy this deal at an even better price. It's already like buying a dollar for 50 cents.
BB said something like they WERE NOT going to tell us about bids. It said they would tell us when they have accepted a deal. It seems strange, but I guess there could already be a higher bid on the table for all we know.
judging by past bbry b s there is no interest at this price. In my opinion cerberus is checking out the fire sale in advance. I think fairfax bid was a trick to stop share price from really falling hard and to try to sell the company to other bidders with prem getting a big chunk for setting it up. I think when their scam is shown to be b s stock will fall. I would not consider buying until$6 and would prefer to buy at$4.
Remember that when you say "financing", what you mean is agreeing to buy BBRY shares for $9 each -- that's the only collateral offered for the financing, and Fairfax isn't going to put up any of its own money. The shares are currently trading well below $9 per, and no-one's particularly interested in paying more. Hence, no deal.