Fairfax says won't walk away from BlackBerry bid

Fairfax head Prem Watsa says he won't walk away from his $4.7 billion bid for BlackBerry

Associated Press

TORONTO (AP) -- The head of Fairfax Financial Holdings Ltd. says he has every intention of completing the acquisition of BlackBerry despite doubts that the $4.7 billion deal for the troubled smartphone maker will go through.

BlackBerry announced earlier this week that Fairfax signed a letter of intent that "contemplates" buying BlackBerry for $9 a share. Fairfax, BlackBerry's largest shareholder, is trying to raise money for the bid. There is no breakup fee should Fairfax walk away.

Fairfax Chief Executive Prem Watsa told The Associated Press his firm is not in the business of making an offer and then at the last minute changing the figure or walking away.

BlackBerry shares on Wednesday lost 6 percent, closing a dollar below Fairfax's bid on fears the deal won't happen.

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