Trending

Filed under: News | Technology News

 

BlackBerry-Fairfax Deal Ends, Replaces Thorsten Heins

Rather then get sold on the auctioneer’s block, BlackBerry is planning on $1 billion fundraising effort and replacing its CEO Thorsten Heins too. This will mean the end of the BlackBerry-Fairfax deal.

Nov 4 2013, 9:09am CST | by

1 Updates
BlackBerry-Fairfax Deal Ends, Replaces Thorsten Heins
Photo Credit: Getty Images
 
 

YouTube Videos Comments

Full Story

BlackBerry-Fairfax Deal Ends, Replaces Thorsten Heins

The suitors of BlackBerry will have to return to their relative positions empty-handed. All their wooing has not resulted in the down and out company selling itself off. Rather, BlackBerry has chosen to raise a grand total of a billion dollars. And it is to replace its CEO with some directors. The Canadian smart phone company had been in the doldrums. 

Fairfax had been the major potential buyer. It was willing to pay $4.7 billion in order to completely acquire BlackBerry. But somewhere along the way, the coy BlackBerry changed its mind and now it has called the whole selling soiree off. Instead, it is selling exchangeable notes. It plans to build up a fund of $1 billion this way. Moreover, there are to be changes in the board of directors. 

The present CEO, Thorsten Heins is to leave the company for good. During the one year stay of Thorsten Heins at BlackBerry, it saw many losses on all fronts. And all through the time the giant firm was for sale, many buyers came and went. 

Qualcomm and Cerberus Capital Management were in the list of organizations that courted BlackBerry. But finally it was the prey that turned out to be the predator. BlackBerry, in what was deemed a revolutionary move, literally pulled itself up by its boot strings. Today, its future is an unwritten book of pages waiting to be filled. 

Source: The Globe And Mail

 

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest technology trends.

 

 

Comments

blog comments powered by Disqus

Latest stories

NBA: Cavaliers F Luol Deng Wins 2014 J. Walter Kennedy Citizenship Award
NBA: Cavaliers F Luol Deng Wins 2014 J. Walter Kennedy Citizenship Award
Cleveland Cavaliers forward Luol Deng won the 2014 J. Walter Kennedy Citizenship Award on April 15.
 
 
NBA: Cavaliers F Luol Deng Wins 2014 J. Walter Kennedy Citizenship Award
NBA: Cavaliers F Luol Deng Wins 2014 J. Walter Kennedy Citizenship Award
Cleveland Cavaliers forward Luol Deng won the 2014 J. Walter Kennedy Citizenship Award on April 15.
 
 
NCAA: Michigan's Nik Stauskas, Glenn Robinson III Declare for NBA Draft
NCAA: Michigan's Nik Stauskas, Glenn Robinson III Declare for NBA Draft
A pair of Michigan Wolverine sophomores -- guard Nik Stauskas and Glenn Robinson III -- will forego their final two years of eligibility and have declared for the 2014 NBA draft in June.
 
 
A Collaboration in the Works for Charlize Theron
 
 
 

The Hottest Photos of Victoria's Secret Fashion Show 2013